GLG INVESTMENTS PLC - Banco Santandermicrosite.bancosantander.es/IICsextranjeras/Ficheros/88... · 2014-01-16 · GLG Investments plc Contents 1 Page General Information 2 Investment

GLG INVESTMENTS PLC (An Investment Company with Variable Capital)

Unaudited Semi-Annual Report for the six month period ended 30 June 2013

GLG Investments plc

Fund and Class of Shares ISIN:

GLG Global Equity Class D USD IE00B01D9881 GLG Global Equity Class D H EUR IE00B01D9B17 GLG Global Equity Class I USD IE00B29Z0874 GLG Global Equity Class D H GBP IE00B06GXG83 GLG Global Equity Class I GBP IE00B7BXNN07 GLG Global Equity Class I EUR IE0033281415 GLG Global Equity Class I H EUR IE00B29Z0981 GLG Global Equity Class I H GBP IE00B4VSNG77 GLG Global Convertible UCITS Class DL H EUR IE00B01D9113 GLG Global Convertible UCITS Class DL USD IE00B01D8Z85 GLG Global Convertible UCITS Class IL H EUR IE00B29Z0C19 GLG Global Convertible UCITS Class IL USD IE00B29Z0B02 GLG Global Convertible UCITS Class IM USD IE00B4Q68161 GLG Global Convertible UCITS Class IM H EUR IE00B4Q68831 GLG Global Convertible UCITS Class IM H GBP IE00B4Q69243 GLG Global Convertible UCITS Class DL H GBP IE00B7510G27 GLG European Equity Class D EUR IE00B01D9G61 GLG European Equity Class I EUR IE00B29Z0J87 GLG European Equity Class D H GBP IE00B08F1W51 GLG European Equity Class D H NOK IE00B3S8HZ08 GLG European Equity Class D H USD IE00B01D9D31 GLG European Equity Class I H USD IE00B29Z0H63 GLG Global Sustainability Equity Class D EUR IE00B1KKKK60 GLG Global Sustainability Equity Class IH GBP IE00B3ZS9W47 GLG Japan CoreAlpha Equity Class I JPY IE00B5649G90 GLG Japan CoreAlpha Equity Class D JPY IE00B5649C52 GLG Japan CoreAlpha Equity Class DH USD IE00B56CKP98 GLG Japan CoreAlpha Equity Class IH USD IE00B5646799 GLG Japan CoreAlpha Equity Class IH EUR IE00B578XK25 GLG Japan CoreAlpha Equity Class DH EUR IE00B5648R31 GLG Japan CoreAlpha Equity Class IH GBP IE00B64XDT64 GLG Japan CoreAlpha Equity Class DH GBP IE00B665M716 GLG Japan CoreAlpha Equity Class I GBP IE00B62QF466 GLG Japan CoreAlpha Equity Class I USD IE00B3QXQG18 GLG Japan CoreAlpha Equity Class I EUR IE00B45R5B91 GLG Japan CoreAlpha Equity Class IH CHF IE00B464TQ22 GLG Japan CoreAlpha Equity Class DH CHF IE00B46RNT22 GLG Global Emerging Markets Equity Class I H GBP IE00B44QRP58 GLG MENA Equity Class I H GBP IE00B44FHD08 GLG Global Investment Grade Bond Class D USD IE00B6XF2K76 GLG Global Investment Grade Bond Class I USD IE00B78S6B73

GLG Investments plc Contents

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Page

General Information 2

Investment Manager’s Report 3

Directors’ Report 8

Statement of Assets and Liabilities 11

Statement of Operations 26

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 32

Condensed Notes to the Financial Statements 38

Portfolio Statements GLG Global Equity 69 GLG Global Convertible UCITS 75 GLG European Equity 85 GLG Global Sustainability Equity 89 GLG Japan CoreAlpha Equity 93 GLG Global Emerging Markets Equity 98 GLG MENA Equity 105 GLG Global Investment Grade Bond 107

Statements of Significant Purchases and Sales GLG Global Equity 111 GLG Global Convertible UCITS 113 GLG European Equity 115 GLG Global Sustainability Equity 117 GLG Japan CoreAlpha Equity 119 GLG Global Emerging Markets Equity 121 GLG MENA Equity 123 GLG Global Investment Grade Bond 125

GLG Investments plc General Information

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Directors: Aniello Bianco (American) (resigned on 30 June 2013) Alun Davies (British) (resigned on 30 June 2013) Michael Jackson (Irish) Gerald O’Mahony (Irish) (resigned on 30 June 2013) Victoria Parry (British) John Morton (British) (appointed on 6 June 2013) John Walley (Irish) (appointed on 24 May 2013)

Secretary and Registered Office:

Matsack Trust Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Manager: GLG Partners Asset Management Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Investment Manager and Distributor:

GLG Partners LP, One Curzon Street, London W1J 5HB, England.

Custodian:

BNY Mellon Trust Company (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Administrator:

BNY Mellon Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Legal Advisers as to matters of Irish law:

Matheson, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Independent Auditors:

Ernst & Young, Chartered Accountants, Ernst & Young Building, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Sponsoring Irish Stock Exchange Broker:

Davy Stockbrokers Davy House, 49 Dawson Street, Dublin 2, Ireland.

Any capitalized terms used but not defined herein shall have the meaning given to them in the prospectus of GLG Investments plc dated 18 February 2013.

GLG Investments plc Investment Manager’s Report

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GLG Global Equity – Semi-Annual Report Commentary Performance and Attribution Global Equity outperformed the MSCI World in H1 2013 by 132 basis points, with positive industry attribution (notably in Pharmaceuticals) and strong stock selection in European Industrials, Utilities and Technology, Media and Telecoms ("TMT") offset by weakness in Japanese and North American stock selection. Among our main outperformers were: EADS: as the order backlog improved over the first few months of the year, Airbus’s order book is now >5,000 aircraft, giving much better visibility on a strong growth profile out to 2015e. Meanwhile, execution on the A350 has improved, with a first flight by mid-June and potential first delivery towards end-2014e or early-2015e. Investors have also become more confident in margin expansion potential at Airbus with the Strategic Review set to conclude in the next few months. Melco Crown: performed well in Q1 on strong growth in Macau gross gaming revenue and a particularly impressive performance from their mass-market exposure (65% of earnings before interest, taxes, depreciation and amortisation). Investors were also encouraged by progress on the 2014-15e property pipeline (including City of Dreams, Belle Grande Manila and Macau Studio City) and the compelling valuation vs the peer group. We have since closed our position, though we are still involved in the Gaming sector through Las Vegas Sands. Visa: continued to perform in H1 on secular growth trends in payments, growth in emerging (including electronic) payments businesses and international expansion. The stock also benefitted from strong fiscal Q2 profits, which came in stronger-than-anticipated on better card spending trends, while management also upgraded financial year guidance from “high-teens” earnings per share growth to ~20%. Walgreen ("WAG"): performed well on the announced partnership with AmerisourceBergen, dropping Cardinal Health, in a move which is expected to reduce costs, add daily delivery of drugs to stores and improve sales of specialty drugs for WAG. We have since closed our position. Cheniere: has been supported by its non-FTA approval for natural gas exports and the announcement of their 20-year LNG import deal for the UK market signed with Centrica, supplying 89bcf of annual volume. Among our main underperformers were: Honda Motor: suffered disproportionately in the Japanese market correction as investors debated the success of so-called “Abenomics”. We still think analysts have reached the point of maximum bearishness in the Autos sector and expect Honda to benefit from Yen weakness over the year. VMware: fell after giving disappointing calendar 2013 earnings guidance with their Q4 results in January. The disappointment was attributable to weaker-than-anticipated demand from corporate and federal customers. Management’s license growth expectations of 8-11% for the year were significantly below the consensus forecasts (+14%). We have since sold the position. Vopak: continued to decline on concerns around management’s guidance at financial year results for “relatively limited group earnings before interest, taxes, depreciation and amortisation growth in 2013”, which prompted a number of sell-side earnings downgrades. Carnival: continued to suffer from concerns over possible demand and/or pricing weakness in the wake of the engine fire on its Triumph cruise ship in February. We have since closed our position. FedEx: suffered after downgrading its 2013 guidance and indicating it intends to reduce capacity in Asia on the back of a customer behaviour shift to cheaper overseas delivery options. We have closed our position.

GLG Global Convertible UCITS – Semi-Annual Report Commentary It has been a positive first half of the year with the fund rising 4.95% and outperforming the benchmark by 18 basis points. The opening six months of 2013 has been interesting with Europe very much in the spotlight in Q1 with the Italian elections and Cypriot banking system bailout while in Q2 attention turned to the US with increased expectations of QE tapering and China with slowing growth and bank liquidity issues. There was a pullback in risk assets from the middle of May when markets became concerned about the implications on assets prices of a withdrawal of central bank liquidity. The first half of the year was characterised by strong returns from the developed equity markets while emerging markets lagged. The Nikkei and S&P were the clear winners while government bonds, with the exception of the periphery, struggled as rates rose. In credit markets, high yield was the stand out performer as investors looked for returns with reduced duration. Investment grade paper failed to overcome the interest rate moves and spreads ended the half more or less unchanged. Both realised and implied volatilities were subdued as the liquidity provided by the central banks kept prices stable. Convertibles performed well mainly driven by technicals as long only investors put money into the asset class. The result of this was that the balanced names favoured by long only investors richened significantly while the deep-in and high yield issues which are usually the domain of hedge funds remained cheap to theoretical values. New issuance picked up significantly on the year with 111 deals raising 39.2bn USD. To put this into context this compares with 66 deals worth 20.5bn USD in the first six months of 2012. It is noticeable that while the US represented 82% and 74% of the deals in 2011 and 2012 this year it is only 55% reflecting the recovery in the rest of the world and especially Europe. If the current run rate is maintained 2013 looks like being the busiest year since 2008. However, issues worth 39bn USD were redeemed in the first half of the year and so the only growth in the asset class came from price appreciation.

GLG Investments plc Investment Manager’s Report (continued)

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GLG Global Convertible UCITS – Semi-Annual Report Commentary (continued) Regional allocation added to the outperformance with the overweight Japan, underweight Europe and underweight Asia all generating excess returns. Sector allocation was also positive with an overweight in telecommunications helping performance while the underweight in consumer discretionary held back returns. The cash holdings of the fund held back performance relative to its benchmark. While the interest rate hedges added to returns the equity index hedges were a drag. Stock selection was again positive with the US in particular performing well. On a single name basis the main outperformers came from the US. Radian, a US mortgage insurer, performed very strongly as the US economy recovered and house prices rebounded. Another strong performer was Jinkosolar which benefitted from the recovery in the solar market and from a stabilisation of its liquidity position. The third largest outperformer was a Citigroup warrant position which rallied as the bank improved profitability and capital ratios. The main drag on performance came from Micron Technology where we were underweight and the stock performed extremely well on positive DRAM prices. The second largest underperformer was Deutsche Post where the stock reached five year on strong earnings. The third largest drag was Tui Travel which was a name that was in the index but the fund did not own and the bonds recovered as Europe showed signs of stability. At the end of June positioning was, in general, defensive with about a 10% cash balance. In addition the S&P and US 5 yr. bond future shorts also remain in place. The equity delta is 25% compared to the index at 34% and despite the limit on non-investment grade securities the fund does exhibit a higher yield to put/maturity of 0.6% compared to the index at -0.8%. The underweight position in Europe has been reversed and the fund is now overweight. The overweight in Japan while still there has been reduced and the underweight in Asia is unchanged. On a sector basis we remain underweight consumer cyclicals, industrials and technology and overweight energy, materials and telecommunications. In terms of outlook, the convertible asset class is attracting significant capital as a growing belief in the “great rotation” has encouraged fixed income investors to utilise the product as a safer way to play equities. The flows have been consistently positive and supply has been limited due to the cheap cost of funding in the bond market. As a result of this supply demand imbalance, exacerbated by a significant redemption calendar, valuations have remained elevated for most of the year. Convertible underlying stocks which tend to be from the small-cap and mid-cap space have performed well as growth dynamics have improved in the developed markets. As rates have backed up we believe that corporates will start to focus on convertibles again as a way to reduce the funding cost and with equities close to their highs the concerns over dilution will be diminished. We therefore expect the run rate of primary issuance to remain at higher levels than what we have seen in recent years. In addition, we hope to be able to continue to profit from the high level of redemptions forecast in the second half of the year. However, there are risks to this generally positive outlook. These include the Fed losing control of longer term rates. Investors have been bought up on 30 years of decreasing yields and any reversal of this is likely to cause major shifts in investment strategy which could become disorderly. In addition, the current QE programs provide liquidity that papers over the cracks in the macro environment and mean that the required fundamental reforms are not carried out. Another risk is the current turmoil in the Middle East and whilst oil is a much smaller proportion of global GDP than it was in the 70’s global growth is fragile and at risk from even small shocks. In Europe we do not believe the crises to be over and in the shorter term the upcoming German elections could be a source of volatility. Specific to the convertible market, there is a risk that should the supply not materialise then valuations could become so rich that there is no realistic return potential and we enter a vicious cycle of outflows leading to negative returns. Overall we believe the low levels of implied volatility combined with historically wide credit spreads, low default rates and an asymmetric payoff profile continue to make the convertible bond universe an attractive asset class for medium to long-term investors. GLG European Equity – Semi-Annual Report Commentary Performance and Attribution GLG European Equity outperformed the MSCI Europe in H1 2013 by 385 basis points, with positive industry attribution (notably in Semis, HPC and Energy) and strong stock selection in Capital Goods, Utilities and Pharma. Among our main outperformers were: EADS: as the order backlog improved over the first few months of the year, Airbus’s order book is now >5,000 aircraft, giving much better visibility on a strong growth profile out to 2015e. Meanwhile, execution on the A350 has improved, with a first flight by mid-June and potential first delivery towards end-2014e or early-2015e. Investors have also become more confident in margin expansion potential at Airbus with the Strategic Review set to conclude in the next few months. EDF: rebounded as evidence of stability in domestic operations for French Utilities has reassured investors that trends are improving, while the dividend yields and balance sheets also look secure. Speculation around potential regulated tariff hikes also supported the stock (particularly in the aftermath of the regulator’s announcement that tariffs underestimated EDF’s FY 2012 costs by €1.47bn), ahead of the confirmation in early-July (+5% rise to come in August 2013 and same magnitude again in August 2014). GN Store Nord: delivered strong Q1 results and showed encouraging growth in the US market for April & May, supported by market share gains for the ReSound business. New product launches in both ReSound and Netcom have encouraged investors that healthy double-digit earnings growth is sustainable, while confidence has increased in the SMART restructuring programme, which is helping to deliver solid margin expansion. Safran: as Aerospace aftermarket business growth has been robust in 2013, Q1 sales beat consensus expectations and management upgraded financial year revenue guidance to “mid to high single digits” (from +5%). Safran has also benefitted from a compelling valuation and continued positive newsflow in the Aerospace subcontract manufacturing market from EADS & Boeing, as well as encouraging developments on its R&D pipeline (including the LEAP and Silvercrest engines). We have closed this position.


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GLG European Equity – Semi-Annual Report Commentary (continued) Credit Suisse: benefitted from a robust Basel 3 capital position, encouraging risk weighted assets and cost reductions and a robust Wealth Management business. We have since exited this position. Among our main underperformers were: Vopak: continued to decline on concerns around management’s guidance at financial year results for “relatively limited group earnings before interest, taxes, depreciation and amortisation growth in 2013”, which prompted a number of sell-side earnings downgrades. ARM Holdings: was impacted by concerns over slowing smartphone growth, more intense competitive pressures from Intel’s latest products (particularly after Samsung indicated in early-June that it would use Intel’s chips in its new Galaxy tablet) and a perceived expensive valuation. We still believe that ARM will see a big improvement in royalty rates over the coming years and will continue to gain share across categories. Carnival: continued to suffer from concerns over possible demand and/or pricing weakness in the wake of the engine fire on its Triumph cruise ship in February. We have since closed our position. Glencore Xstrata: suffered from persistent selling pressure over the month on concerns over a Chinese economic growth slowdown and declining commodity prices. Swedish Match: Q4 results indicated a tough environment in domestic volumes, a sequential decline in smokeless margins and highlighted a difficult competitive pricing environment in Sweden. We have since closed our position GLG Global Sustainability Equity – Semi-Annual Report Commentary The Fund was up 12.57% for the six months ending June 28, 2013, outperforming its benchmark (MSCI World ACWI) by 307 basis points ("bps") on a net basis. Sector and regional selection added most to performance, contributing 333bps while stock selection added 123bps of gross performance. Market Review: The first half of 2013 was marked a number of macro and micro concerns. While US data has been broadly supportive of an economic recovery, signals of an early tapering in quantitative easing ("QE") resulted in a backup in treasury yields and a wider repricing of the cost of the capital, accelerating the asset reallocation away from bond proxies and yield plays towards more cyclical areas. Not surprisingly, the stronger US dollar stemming from the Fed’s indications of tapering, has negatively impacted emerging markets. In addition, China is negotiating a managed reset in GDP growth expectations. In Japan, Abenomic policies continue to stress monetary easing while the political elections, to be finalized by Upper House elections end of July, point the way towards critical reforms and deregulation. Europe remains oblique; while EU tail risk has been removed, efforts to feed through the credit impulse into the real economy remained subdued. Outlook and Positioning: The Fed’s move in late May towards the expectation of QE tapering—effectively a regime change—is significant for the Fund. While the Fund actively invests in a number of cyclical themes—ie, US housing formation, the agricultural cycle, the implications of the US shale advantage—the Fund had a heavy focus on duration assets and noncyclical growth. With rates likely to move higher over the next year, the Fund has reduced its exposure in duration/yield plays, specifically in REITs and utilities. The Fund has steadily increased its weighting to Japan, taking advantage of the May/June selloff to set exposure at twice the benchmark, playing a number of second and third order domestic reflation and restructuring plays. GLG Japan CoreAlpha Equity – Semi-Annual Report Commentary GLG Japan CoreAlpha Equity rose 40.9% (yen, net of retail fees) during the first half of 2013, outperforming TOPIX which produced a total return in yen of 33.3%. The economic policies of the Abe administration have produced a targeted weakening of the yen, which closed the period with a decline of 13% to 15% against the US dollar and euro respectively. Prime Minister Abe has experienced a recently unusual phenomenon in Japanese political history, that of rising popularity following his election. The Upper House elections are imminent, and markets expect a sizeable majority to provide Abe with a further boost to enable policy progress. Taxation and nuclear energy policies will be closely watched. Since launch the Japan CoreAlpha strategy has focused upon the 300 largest stocks by market capitalisation in Japan. During the equity market rally, which started late in 2012, the portfolio has seen some movement down the market cap spectrum, though remaining within the top 300 universe. This has been a consequence of the normal contrarian management style. As high beta, mega-cap holdings outperformed, so positions in some of these were reduced in favour of laggard stocks in more cyclical parts of the market. These have tended to be in somewhat smaller, though still large companies. The portfolio beta declined from its peak, but is still high at around 1.1. The price-to-book ratio of the Fund, our preferred measure of value, is near its historical low compared to that of the TOPIX index. The main sector weight changes during the first six months of 2013 have been reductions in Electric Appliances and Securities, with commensurate increases in Glass & Ceramics, Chemicals and Information & Communications. At the stock level, the best contributors to return over the half year to June came from Sony, Nomura Holdings and Panasonic. Major detractors included Nintendo, Inpex Corporation and Mitsui Chemicals. In keeping with the contrarian style in which the Fund is managed, Nomura Holdings and Sony were among the greatest reductions as a proportion of the model portfolio during the period, though several other outperforming positions were also trimmed. Significant additions were made to existing holdings in Asahi Glass, Fujifilm Holdings, Yamada Denki, Resona Holdings and Nintendo, all of which lagged the market.


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GLG Japan CoreAlpha Equity – Semi-Annual Report Commentary (continued) The characteristics of the Fund changed a little during the first half of the year. The main overweight sectors as at the end of June were Banks, Chemicals, Other Products and Electric Appliances. The underweight exposure to Transport Equipment increased further as Toyota Motor was reduced into the yen-inspired strength. Machinery and Wholesale Trade remain substantially underweight, though valuations within the latter sector have improved as the Chinese outlook worsened. The current shape of the CoreAlpha Model remains the best guide to where we see market opportunities. Japanese equity valuations remain reasonable even following the substantial rise and we believe the Japanese economy, the level of government liabilities notwithstanding, is in a relatively strong position in a world laden with debt. Japan has spent many years working its way through a very large banking cycle. That cycle, looked at in isolation, is showing signs of turning. External factors could still see it falter, but such impacts would be likely to harm other major economies more than Japan. GLG Global Emerging Markets Equity Fund – Semi-Annual Report Commentary GLG Emerging Markets ended the first half of 2013 with a negative return with the MSCI Global Emerging Markets Index down 9.56%. The main drivers of the negative performance were concerns over decelerating growth in China, deteriorating leading economic indicators in emerging markets in aggregate and worries that the US Federal Reserve would begin to scale back its quantitative easing program. In terms of country performance, smaller countries such as Indonesia, Malaysia, Thailand and Taiwan were positive while larger markets such as China and Brazil were down. In terms of sectors, Capital Goods and Utilities were positive performers while Materials and Real Estate were negative. In terms of positioning, the fund maintained its overweight in China but reduced it significantly over the period as data suggested that China GDP growth was decelerating. The Fund maintained its overweight in Mexico and Thailand. The fund’s main underweight was in South Korea and South Africa. From a sector perspective, the fund remained overweight in Financials and Capital Goods while underweight Energy, Utilities and Telecom. For the period under review, the GLG Global Emerging Markets Equity Fund was down 9.55% while MSCI Global Emerging Markets Index was down 9.56%. From a country perspective, a combination of stock selection and an overweight contributed positively in Russia and Hong Kong. Stock selection and an underweight in South Africa and India also contributed. Stocks selection in China and Brazil contributed negatively. From a sector perspective, stock selection in Consumer Services, Food Staples and Food Beverage were the main positive contributors while stock selection in Banks and Semiconductors were the detractors. GLG MENA Equity – Semi-Annual Report Commentary For the period, the GLG MENA Equity fund closed up 1.99% vs the S&P Pan Arab Composite which closed up 1.10%. UAE closed up approximately +0.88%, the Saudi Tadawul All share Index closed up +4.14%, Qatar closed up +4.32% and Kuwait closed down -4.52%. Egypt also closed down -12.59%. Brent crude closed lower, down -1.58% for the period, at US$102.16 per barrel. During the period, we added to positions in the banking and real estate sectors in the UAE on a pullback as well as added to positions in Saudi Arabia where we continue to see value. There was a stark divergence of performance for markets in the region with Kuwait and Egypt down significantly, while both Saudi Arabia and Qatar managed to gain over 4%. We continue to see value in select Saudi and Qatari names and expect their markets to do well going forward, especially given the fact these markets remain reasonably valued overall. We also however continue to be very concerned about the situation in Egypt and don’t foresee a simple or short term solution to the political and economic challenges there. We will continue to monitor things closely but do not expect to be reversing our significant underweight positioning there, or indeed holding any positions there, for the foreseeable future. For the period the largest gains were due to our overweights in Qatar National Bank, Kuwait Investment Projects Co, and First Gulf Bank. The largest losers on the month were Industries Qatar, Emaar and Al Tayyar Travel Group. Sector wise the outperformers were Financials and Telecommunications. While Consumer Discretionary and Industrials detracted from performance. Our country underweights in Egypt and Kuwait were a positive contributor as were our overweights in the UAE and Qatar. We continue to keep a close eye on the political environment and stability in the wider region. The current oil price however, is still very supportive of the oil producers in the region and many holdings within the fund. We also remain optimistic about the core oil & gas exporting countries within MENA. Our favourite markets continue to be Saudi Arabia, Qatar and the UAE selectively. All National performance data, other than Saudi Arabia, refer to MSCI price indices and are in USD.


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GLG Global Investment Grade Bond – Semi-Annual Report Commentary Fund update The GLG Global Investment Grade Bond was launched during the period on the 4th January 2013. Since its launch date the sub-fund returned -1.21%. Market Update The second half of 2012 proved to be a positive one for risk assets with central banks globally providing the back drop supportive of risk assets and this ultimately continued into 2013. The Federal Service (fed) through expansion of it is balance sheet and the ECB through positive rhetoric surrounding Monetary Transactions (OMT. The first half of 2013 was characterised by Interest rate volatility as a result of talk of the Fed tax) peering asset purchases resulting in the ten year US treasury yield increasing by around 1% to 2.6%. For the most part the volatility associated with the Eurozone crisis eased over the period despite the haircuts forced on Cypriot bank deposits in exchange for a bailout. November 2012 also saw the re-election of Barak Obama as US President which further helped risk asset performance into 2013 as it was taken to represent a continuation of supportive intervention in markets by the Fed. Overall whilst the period was characterised by good risk asset performance underlying concerns over volatility remained, particularly with respect to central bank intervention and the impact of any withdrawal of support from the various authorities. This was most starkly brought into focus by the market’s reaction to Ben Bernanke’s talk of tapering the Fed’s asset purchase program the resultant bond market sell-off. Outlook Over the period the sub-fund maintained an overweight to the financials sector though the composition of this overweight has been skewed from subordinated banks towards insurance. We continued to be underweight the utilities sector and finished the period overweight industrials. From a geographic perspective the sub-fund was overweight Europe throughout the majority of the period. However, this was reduced through June mainly due to reductions in peripheral European risk in anticipation of further Eurozone volatility post the German elections in September, leaving the fund underweight Europe as a whole into the end of the first half of 2013. The sub-fund finished the period underweight North America and overweight the UK. We continue to view the BBB area of the credit markets as the best risk adjusted part of the universe and as such remained overweight BBB risk versus underweight AA and A credit risk. Duration exposure was also reduced through the April and May leaving the fund slightly underweight at the end of the period. GLG Partners LP, One Curzon Street, London, W1J 5HB, England. August 2013

GLG Investments plc Directors’ Report for the six month period ended 30 June 2013

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The Directors of GLG Investments plc (the “Fund”) herewith submit their report together with the unaudited financial statements for the six month period (the “period”) ended 30 June 2013. Principal activities and review of the development of the business The Fund was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. The Fund has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “Regulations”). The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”), and to date sixteen Portfolios have been established: GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG North American Equity, GLG UK Select Equity, GLG Japan CoreAlpha Equity, GLG Global Sustainability Equity, GLG Global Emerging Markets Equity, GLG MENA Equity, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Latin American Equity and GLG Global Investment Grade Bond. As at 30 June 2013 there were eight Portfolios in operation: GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG Global Sustainability Equity, GLG Japan CoreAlpha Equity, GLG Global Emerging Markets Equity, GLG MENA Equity and GLG Global Investment Grade Bond. Results for the period and state of affairs at 30 June 2013 For a detailed commentary on the results for the period and the state of affairs of the Fund at 30 June 2013 see the Investment Manager’s Report on pages 3 to 6, the Statement of Assets and Liabilities on pages 11 to 25, the Statement of Operations on pages 26 to 31 and the Portfolio Statements on pages 68 to 107. At the period end the Fund’s Net Assets Attributable to Holders of Redeemable Participating Shares (the “Shareholders”) amounted to US$131,156,593 (31 December 2012: US$134,582,829) for GLG Global Equity, US$339,094,941 (31 December 2012: US$329,751,511) for GLG Global Convertible UCITS, €28,904,679 (31 December 2012: €17,110,773) for GLG European Equity, €26,996,375 (31 December 2012: €25,107,658) for GLG Global Sustainability Equity, ¥228,053,362,029 (31 December 2012: ¥134,039,513,064) for GLG Japan CoreAlpha Equity, US$13,303,713 (31 December 2012: US$31,786,584) for GLG Global Emerging Markets Equity, US$15,482,222 (31 December 2012: Nil) for GLG MENA Equity and US$21,069,602 (31 December 2012: n/a) for GLG Global Investment Grade Bond. The returns of the classes of all the sub-funds for the period end are disclosed in the tables below:

30 June 2013 31 December 2012GLG Global Equity Class D H T GBP Shares 12.69% 14.16%Class I USD Shares 12.90% 15.03%Class D USD Shares 12.50% 14.16%Class D H EUR Shares 12.37% 13.46%Class I EUR Shares 11.36% 1.29%Class I H EUR Shares 12.70% 9.77%Class I GBP Shares 17.67% -1.18%Class I H GBP Shares 13.08% 2.92%

GLG Global Convertible UCITS Class DL USD Shares 3.55% 11.08%Class DL H EUR Shares 3.87% 11.13%Class DL H GBP Shares 3.76% 5.34%Class IL USD Shares 4.00% 12.66%Class IL H EUR Shares 3.95% 12.11%Class IM USD Shares 4.93% 13.27%Class IM H EUR Shares 4.84% 12.58%Class IM H GBP Shares 5.10% 12.91% GLG European Equity Class D EUR Shares 9.28% 12.34%Class D H T GBP Shares 9.66% 12.99%Class I EUR Shares 9.74% 13.19%Class I H USD Shares 9.88% 10.39%Class D H USD Shares 9.52% 0.73%Class D H NOK Shares - 9.41% GLG Global Sustainability Equity Class D EUR Shares 12.57% 13.79%Class I H GBP Shares 13.40% 15.06%

GLG Investments plc Directors’ Report for the six month period ended 30 June 2013 (continued)

9

Results for the period and state of affairs at 30 June 2012 (continued) 30 June 2013 31 December 2012GLG Japan CoreAlpha Equity Class D JPY Shares 40.92% 16.17% Class I JPY Shares 41.38% 17.07% Class D H USD Shares 37.35% 14.63% Class I H USD Shares 37.72% 15.52% Class D H EUR Shares 37.14% 12.71% Class I H EUR Shares 37.67% 13.56%Class D H GBP Shares 38.05% 14.23% Class I H GBP Shares 38.57% 15.12% Class I GBP Shares 32.05% -0.46% Class I USD Shares 23.05% 2.07% Class I EUR Shares 24.72% 2.38% Class I H CHF Shares 38.46% 17.01% Class D H CHF Shares 37.94% 14.46% GLG Global Emerging Markets Equity Class I H GBP Shares -9.92% 22.01% GLG MENA Equity Class I H GBP Shares 1.82% - GLG Global Investment Grade Bond Class D USD -1.57% - Class I USD -1.21% - Dividends The Directors do not propose to pay a dividend at this time (31 December 2012: US$Nil). Future developments The Fund will continue to pursue the Portfolios’ investment objectives as outlined in note 1 on pages 38 to 43. Significant events during the period Board of Directors With effect from 30 June 2013, Mr Aniello Bianco, Mr Alun Davies and Mr Gerard O’Mahony resigned as directors of the Fund. Mr John Morton and Mr John Walley were appointed as directors of the Fund on 6 June 2013 and on 24 May 2013 respectively. Prospectus A new Prospectus was issued on 18 February 2013 (the “Prospectus”). The amendments to the Prospectus reflected an amendment of the same date to the Administrative Services Agreement to permit the delegation of such services, updates to the minimum initial subscription, minimum incremental subscription and minimum on-going shareholding for certain un-launched share classes, updates to certain bank account details and other minor amendments.

Portfolios GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. GLG MENA Equity was fully redeemed on 13 November 2012 and it was re-launched on 8 May 2013.

Share Classes The following new Share Classes of GLG Global Investment Grade Bond have been launched and listed on the Irish Stock Exchange on 8 January 2013: Class D USD and Class I USD.

De-listing of Share Classes All the Share Classes of GLG Emerging Asia Equity and GLG MENA Equity were delisted with effect from 9 January 2013. Share Class I H GBP of GLG Frontier Markets Equity has been delisted with effect from 10 January 2013. Important events since the period end There were no important events since the period end. Investment objectives The Fund’s investment objectives are as stated in note 1 to the financial statements. Investment in the Fund carries with it a degree of risk including but not limited to the risks referred to in note 9 to the financial statements.

GLG Investments plc Directors’ Report for the six month period ended 30 June 2013 (continued)

10

Related Party Transactions The Directors are satisfied that there are arrangements in place to ensure that transactions carried out with connected parties of the Fund are carried out as if negotiated at arm’s length and any such transactions are in the best interests of the Shareholders of the Fund, The Directors are satisfied that any transactions entered into with connected parties during the period complied with the aforementioned obligation. Directors The names of the persons who are Directors of the Fund at the date of this report are listed on page 2. Directors’ interests Neither the Directors, nor their families, nor the Investment Manager had any interests in the Shares of the Fund during the period ended 30 June 2013. Michael Jackson, John Morton and Victoria Parry are non-executive directors of the Fund. John Walley is an independent non-executive director of the Fund. Michael Jackson is a director of the Manager and is a partner in Matheson, legal advisers to the Fund. Victoria Parry is a director of the Manager of the Fund and she was the Global Head of Product Legal for Man Group plc until 30 April 2013. John Morton is the Head of UCITS and GLG Products within the Legal Department of Man Group Plc. John Walley is a Director of Man Corporate Services (Ireland) Limited, an indirect wholly-owned subsidiary of Man Group. Directors’ responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations. Irish company law requires the Directors to prepare financial statements giving a true and fair view of the state of affairs of the company and the profit or loss of the company for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law). In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in

business. The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Acts 1963 to 2012 (together the “Companies Act”). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Books of account The Directors are responsible for ensuring that proper books and accounting records as outlined in Section 202 of the Companies Act, 1990 are kept by the Fund. To achieve this, the Directors have appointed an experienced third party fund administrator to ensure that the requirements of Section 202 of the Companies Act, 1990 are complied with. The books and accounting records are maintained at the Administrator’s office. Corporate governance

The Board has adopted the voluntary Irish Funds Industry Association (IFIA) Corporate Governance Code for Irish Domiciled Collective Investment Schemes and Management Companies, issued 14 December 2011 (the “Code”), with effect from 31 December 2012. The Board has reviewed and assessed the measures included in the Code and considers its corporate governance practices and procedures since the adoption of the Code as consistent therewith.

GLG Investments plc Statement of Assets and Liabilities as at 30 June 2013

11

GLGGLG GLG GLG Global

GLG Global GLG Global Japan EmergingGlobal Convertible European Sustainability Core Alpha MarketsEquity UCITS Equity Equity Equity Equity

Notes US$ US$ € € ¥ US$AssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 107,928,949 15,128,878 16,713,973 25,320,968 226,280,481,026 10,525,603Interest bearing securities 3,4 - 295,608,746 - - - -Derivatives 3,4,6 2,616,643 3,880,909 258,035 113,840 336,387,070 37,408

Cash 10 20,256,349 35,249,127 10,954,439 2,573,219 2,482,835,156 3,218,337Due from brokers 10 953,358 11,423,454 2,470,006 1,065,968 1,419,519,225 -Accrued income 223,049 2,231,417 358,958 200,652 146,638,846 81,246Other receivables 1,053,289 267,976 - - 849,116,438 -Total Assets 133,031,637 363,790,507 30,755,411 29,274,647 231,514,977,761 13,862,594

LiabilitiesFinancial liabilities held at fair value through profit and loss:

Equities and managed funds 3,4 245,902 - - - - -Derivatives 3,4,6 1,225,788 5,394,520 860,057 732,268 122,506,074 443,135

Due to brokers 10 37,199 6,108,652 33,027 1,419,955 2,290,612,328 2Due to Lehman and associated entities - 2,753,135 - - - -Accrued expenses 366,155 9,128,529 370,235 126,049 966,097,947 115,224Other payables - 1,310,730 587,413 - 82,399,383 520

Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 1,875,044 24,695,566 1,850,732 2,278,272 3,461,615,732 558,881

Net Assets Attributable to Holders of Redeemable Participating Shares 131,156,593 339,094,941 28,904,679 26,996,375 228,053,362,029 13,303,713

The accompanying notes form an integral part of the financial statements.

GLG Investments plc Statement of Assets and Liabilities as at 30 June 2013 (continued)

12

GLGGLG Global

MENA Investment CombinedEquity # Grade Bond * Company

Notes US$ US$ US$AssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 14,605,944 - 2,480,781,658Interest bearing securities 3,4 - 18,083,825 313,692,571Derivatives 3,4,6 3,179 335,235 10,743,146

Cash 10 16,740,198 2,015,642 120,058,134Due from brokers 10 - 490,860 31,754,127Accrued income - 229,635 4,968,961Other receivables 155,476 - 10,024,750Total Assets 31,504,797 21,155,197 2,972,023,347


Equities and managed funds 3,4 - - 245,902Derivatives 3,4,6 211,799 5,657 10,583,943

Due to brokers 10 15,715,910 - 46,809,889Due to Lehman and associated entities - - 2,753,135Accrued expenses 88,226 79,950 20,148,833Other payables 6,640 - 2,910,948

Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 16,022,575 85,607 83,452,650

Net Assets Attributable to Holders of Redeemable Participating Shares 15,482,222 21,069,590 2,888,570,697

# GLG MENA Equity was fully redeemed on 13 November 2012 and the portfolio was re-launched on 8 May 2013. * GLG Global Investment Grade Bond commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.



13

GLG GLG

GLG GLG GLG Global Global

GLG Global GLG Global Japan Emerging GLG Investment

Global Convertible European Sustainability CoreAlpha Markets MENA Grade Bond

Net Asset Value per Redeemable Participating Shares Notes Equity UCITS Equity Equity Equity Equity Equity # Equity *

Number of Class D EUR Redeemable Participating Shares in Issue 7 - - 32,489 5,874 - - - -

Net Asset Value per Class D EUR Redeemable Participating Share - - €129.73 €71.02 - - - -

Number of Class D H CHF Redeemable Participating Shares in Issue 7 - - - - 172,701 - - -

Net Asset Value per Class D H CHF Redeemable Participating Share - - - - CHF157.89 - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 7 119,062 - - - 1,783,794 - - -

Net Asset Value per Class D H EUR Redeemable Participating Share €121.98 - - - €120.63 - - -

Number of Class D H GBP Redeemable Participating Shares in Issue 7 - - - - 883,788 - - -

Net Asset Value per Class D H GBP Redeemable Participating Share - - - - GBP114.51 - - -

Number of Class D H T GBP Redeemable Participating Shares in Issue 7 1,108 - 172,163 - - - - -

Net Asset Value per Class D H T GBP Redeemable Participating Share GBP131.31 - GBP104.56 - - - - -

Number of Class D H USD Redeemable Participating Shares in Issue 7 - - 38,737 - 471,401 - - -

Net Asset Value per Class D H USD Redeemable Participating Share - - US$110.32 - US$121.64 - - -

Number of Class D JPY Redeemable Participating Shares in Issue 7 - - - - 319,389 - - -

Net Asset Value per Class D JPY Redeemable Participating Share - - - - JPY12,869.38 - - -

Number of Class D USD Redeemable Participating Shares in Issue 7 59,495 - - - - - - 61,505

Net Asset Value per Class D USD Redeemable Participating Share US$137.02 - - - - - - US$98.43



16

GLG GLG





Number of Class DL H EUR Redeemable Participating Shares in Issue 7 - 486,003 - - - - - -

Net Asset Value per Class DL H EUR Redeemable Participating Share - €122.88 - - - - - -

Number of Class DL H GBP Redeemable Participating Shares in Issue 7 - 3,119 - - - - - -

Net Asset Value per Class DL H GBP Redeemable Participating Share - GBP109.30 - - - - - -

Number of Class DL USD Redeemable Participating Shares in Issue 7 - 475,097 - - - - - -

Net Asset Value per Class DL USD Redeemable Participating Share - US$136.02 - - - - - -

Number of Class I EUR Redeemable Participating Shares in Issue 7 306,822 - 4,035 - 223,675 - - -

Net Asset Value per Class I EUR Redeemable Participating Share €112.80 - €86.07 - €124.27 - - -

Number of Class I GBP Redeemable Participating Shares in Issue 7 217,587 - - - 879,692 - - -

Net Asset Value per Class I GBP Redeemable Participating Share GBP116.28 - - - GBP121.05 - - -

Number of Class I JPY Redeemable Participating Shares in Issue 7 - - - - 3,318,700 - - -

Net Asset Value per Class I JPY Redeemable Participating Share - - - - JPY13,196.35 - - -

Number of Class I H GBP Redeemable Participating Shares in Issue 7 75,442 - - 211,978 3,832,014 102,950 92,115 -

Net Asset Value per Class I H GBP Redeemable Participating Share GBP116.37 - - GBP107.46 GBP122.94 GBP85.20 GBP110.54 -

Number of Class I H EUR Redeemable Participating Shares in Issue 7 17,905 - - - 983,848 - - -

Net Asset Value per Class I H EUR Redeemable Participating Share €123.71 - - - €124.03 - - -

Number of Class I H USD Redeemable Participating Shares in Issue 7 - - 540 - 1,587,170 - - -

Net Asset Value per Class I H USD Redeemable Participating Share - - US$121.30 - US$127.16 - - -



17

GLG GLG





Number of Class I USD Redeemable Participating Shares in Issue 7 56,680 - - - 23,275 - - 152,000

Net Asset Value per Class I USD Redeemable Participating Share US$76.76 - - - US$108.43 - - US$98.79

Number of Class I H CHF Redeemable Participating Shares in Issue 7 - - - - 111,352 - - -

Net Asset Value per Class I H CHF Redeemable Participating Share - - - - CHF162.01 - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 7 - 786,993 - - - - - -

Net Asset Value per Class IL H EUR Redeemable Participating Share - €103.70 - - - - - -

Number of Class IL USD Redeemable Participating Shares in Issue 7 - 20,234 - - - - - -

Net Asset Value per Class IL USD Redeemable Participating Share - US$108.75 - - - - - -

Number of Class IM H EUR Redeemable Participating Shares in Issue 7 - 439,037 - - - - - -

Net Asset Value per Class IM H EUR Redeemable Participating Share - €136.59 - - - - - -

Number of Class IM H GBP Redeemable Participating Shares in Issue 7 - 6,869 - - - - - -

Net Asset Value per Class IM H GBP Redeemable Participating Share - GBP140.15 - - - - - -

Number of Class IM USD Redeemable Participating Shares in Issue 7 - 62,079 - - - - - -

Net Asset Value per Class IM USD Redeemable Participating Share - US$139.09 - - - - - -



GLG Investments plc Statement of Assets and Liabilities as at 31 December 2012

18

GLG GLG GLG GLG GLG

GLG Global GLG Global Japan Emerging EmergingGlobal Convertible European Sustainability CoreAlpha Asia EuropeEquity UCITS Equity Equity Equity Equity Equity

Notes US$ US$ € € ¥ US$ US$AssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 105,223,777 16,853,115 7,933,246 23,090,779 129,559,023,052 - -Interest bearing securities 3,4 - 305,950,740 - - - - -Derivatives 3,4,6 3,575,521 3,526,654 654,173 531,341 4,683,060,939 - -

Cash 10 26,520,674 6,521,366 8,645,096 2,126,402 279,624,785 1,435 -Due from brokers 10 972,194 4,669,526 271,240 393,894 129,419,977 - -Accrued income 28,398 2,006,183 792 17,107 54,411,634 - -Other receivables 23,186 37,942 - 92 91,838,737 - -Total Assets 136,343,750 339,565,526 17,504,547 26,159,615 134,797,379,124 1,435 -


Equities and managed funds. 3,4 - - - - - - -Interest bearing securities. 3,4 - - - - - - -Derivatives. 3,4,6 960,733 4,119,217 174,553 134,055 96,830,791 - -

Due to brokers 10 450,029 577,111 8,744 839,904 234,536,713 - -Due to Lehman and associated entities - 2,753,135 - - - - -Accrued expenses 349,520 1,655,463 208,772 76,664 175,059,610 1,435 -Other payables 639 709,089 1,705 1,334 251,438,946 - -Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 1,760,921 9,814,015 393,774 1,051,957 757,866,060 1,435 -

Net Assets Attributable to Holders of Redeemable Participating Shares 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 - -


GLG Investments plc Statement of Assets and Liabilities as at 31 December 2012 (continued)

19

GLGGLG Global GLG

Frontier Emerging Latin GLGMarkets Markets America MENA Combined

Equity Equity Equity Equity CompanyNotes US$ US$ US$ US$ US$

AssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 - 28,676,748 - - 1,690,653,350Interest bearing securities 3,4 - - - - 305,950,740Derivatives 3,4,6 - 624,897 - - 63,473,059

Cash and cash equivalents 10 108,052 2,561,204 - 66,404 53,215,446Due from brokers 10 - - - - 8,016,016Accrued income 354 35,573 - 244 2,723,892Other receivables 339 - 21 5 1,124,188Total Assets 108,745 31,898,422 21 66,653 2,125,156,691


Equities and managed funds. 3,4 - - - - -Interest bearing securities. 3,4 - - - - -Derivatives. 3,4,6 - 40,264 - - 6,647,412

Due to brokers 10 4,219 3 21 108 4,863,931Due to Lehman and associated entities - - - - 2,753,135Accrued expenses 104,526 71,564 - 66,545 4,650,810Other payables - 7 - - 3,622,890Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 108,745 111,838 21 66,653 22,538,178

Net Assets Attributable to Holders of Redeemable Participating Shares - 31,786,584 - - 2,102,618,513



20

Net Asset Value per Redeemable Participating Shares Notes

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class D EUR Redeemable Participating Shares in Issue 7 - - 96,626 5,419 - - - - Net Asset Value per Class D EUR Redeemable Participating Share - - €118.71 €63.09 - - - -

Number of Class D H CHF Redeemable Participating Shares in Issue 7 - - - - 244,763 - - -

Net Asset Value per Class D H CHF Redeemable Participating Share - - - - CHF114.46 - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 7 147,158 - - 831,406 - - Net Asset Value per Class D H EUR Redeemable Participating Share €108.55 - - € 87.96 - -

Number of Class D H EUR2 Redeemable Participating Shares in Issue 7 - - - - - - - - Net Asset Value per Class D H EUR2 Redeemable Participating Share - - - - - - - -

Number of Class D H GBP Redeemable Participating Shares in Issue 7 836 - 318 - 1,171,729 - - Net Asset Value per Class D H GBP Redeemable Participating Share GBP116.52 - GBP95.35 - GBP 82.95 - -

Number of Class D H USD Redeemable Participating Shares in Issue 7 - - 40,711 482,625 - - - Net Asset Value per Class D H USD Redeemable Participating Share - - US$100.73 US$88.56 - - - Number of Class D JPY Redeemable Participating Shares in Issue 7 - - - - 231,681 - - - Net Asset Value per Class D JPY Redeemable Participating Share - - - - ¥ 9,132 - - - Number of Class D USD Redeemable Participating Shares in Issue 7 155,394 - - - - - -

Net Asset Value per Class D USD Redeemable Participating Share US$121.80 - - - - - -



21

Net Asset Value per Redeemable Participating Shares (continued) Notes

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class DL H EUR Redeemable Participating Shares in Issue 7 - 460,612 - - - - - - Net Asset Value per Class DL H EUR Redeemable Participating Share - €118.30 - - - - - - Number of Class DL H GBP Redeemable Participating Shares in Issue 7 - 6,053 - - - - - - Net Asset Value per Class DL H GBP Redeemable Participating Share - GBP105.34 - - - - - - Number of Class DL USD Redeemable Participating Shares in Issue 7 - 402,167 - - - - - - Net Asset Value per Class DL USD Redeemable Participating Share - US$131.36 - - - - - - Number of Class I EUR Redeemable Participating Shares in Issue 7 305,829 - 4,109 - 231,552 - - - Net Asset Value per Class I EUR Redeemable Participating Share €101.29 - €78.43 - € 99.64 - - - Number of Class I GBP Redeemable Participating Shares in Issue 7 217,587 - - - 192,592 - - - Net Asset Value per Class I GBP Redeemable Participating Share GBP98.82 - - - GBP91.67 - - - Number of Class I H CHF Redeemable Participating Shares in Issue 7 - - - - 10,000 - - - Net Asset Value per Class I H CHF Redeemable Participating Share - - - - CHF117.01 - - - Number of Class I H GBP Redeemable Participating Shares in Issue 7 75,442 - - 211,978 3,595,134 - - - Net Asset Value per Class I H GBP Redeemable Participating Share GBP102.92 - - GBP94.76 GBP88.72 - - - Number of Class I H EUR Redeemable Participating Shares in Issue 7 12,988 - - - 933,090 - - -Net Asset Value per Class I H EUR Redeemable Participating Share €109.77 - - - € 90.09 - - - Number of Class I H USD Redeemable Participating Shares in Issue 7 - - 540 - 2,680,460 - - -Net Asset Value per Class I H USD Redeemable Participating Share - - US$110.39 - US$ 92.33 - - - Number of Class I JPY Redeemable Participating Shares in Issue 7 - - - - 2,413,730 - - -Net Asset Value per Class I JPY Redeemable Participating Share - - - - ¥ 9,334 - - -



22


GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class I USD Redeemable Participating Shares in Issue 7 60,915 - - - 2,710 - - - Net Asset Value per Class I USD Redeemable Participating Share US$ 67.99 - - - US$ 88.12 - - - Number of Class IH Redeemable Participating Shares in Issue 7 - - - - - - - - Net Asset Value per Class IH Redeemable Participating Share - - - - - - - - Number of Class IL H EUR Redeemable Participating Shares in Issue 7 - 896,414 - - - - - - Net Asset Value per Class IL H EUR Redeemable Participating Share - € 99.76 - - - - - - Number of Class IL H JPY Redeemable Participating Shares in Issue 7 - - - - - - - - Net Asset Value per Class IL H JPY Redeemable Participating Share - - - - - - - - Number of Class IL USD Redeemable Participating Shares in Issue 7 - 17,972 - - - - - - Net Asset Value per Class IL USD Redeemable Participating Share - US$104.57 - - - - - - Number of Class IM H EUR Redeemable Participating Shares in Issue 7 - 432,103 - - - - - - Net Asset Value per Class IM H EUR Redeemable Participating Share - €130.28 - - - - - - Number of Class IM H GBP Redeemable Participating Shares in Issue 7 - 9,537 - - - - - - Net Asset Value per Class IM H GBP Redeemable Participating Share - GBP133.35 - - - - - - Number of Class IM USD Redeemable Participating Shares in Issue 7 - 60,180 - - - - - - Net Asset Value per Class IM USD Redeemable Participating Share - US$132.55 - - - - - - Number of Class N Redeemable Participating Shares in Issue 7 - - - - - - - - Net Asset Value per Class N Redeemable Participating Share - - - - - - - - Number of Class DH NOK Redeemable Participating Shares in Issue 7 - - 142,491 - - - - - Net Asset Value per Class DH NOK Redeemable Participating Share - - NOK109.41 - - - - -



23


GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity Number of Class D EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D EUR Redeemable Participating Share - - - Number of Class D H CHF Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H CHF Redeemable Participating Share - - - Number of Class D H EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H EUR Redeemable Participating Share - - - Number of Class D H EUR2 Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H EUR2 Redeemable Participating Share - - - Number of Class D H GBP Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H GBP Redeemable Participating Share - - - Number of Class D H T GBP Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H T GBP Redeemable Participating Share - - - Number of Class D H USD Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D H USD Redeemable Participating Share - - - Number of Class D T JPY Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D T JPY Redeemable Participating Share - - - Number of Class D USD Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class D USD Redeemable Participating Share - - - Number of Class DL H EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class DL H EUR Redeemable Participating Share - - - Number of Class DL H GBP Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class DL H GBP Redeemable Participating Share - - -



24


GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity Number of Class DL USD Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class DL USD Redeemable Participating Share - - -

Number of Class I EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I EUR Redeemable Participating Share - - -

Number of Class I GBP Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I GBP Redeemable Participating Share - - -

Number of Class I H CHF Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I H CHF Redeemable Participating Share - - - Number of Class I H GBP Redeemable Participating Shares in Issue 7 206,749 -Net Asset Value per Class I H GBP Redeemable Participating Share GBP94.58 - Number of Class I H EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I H EUR Redeemable Participating Share - - -

Number of Class I H USD Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I H USD Redeemable Participating Share - - -

Number of Class I T JPY Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I T JPY Redeemable Participating Share - - -

Number of Class I USD Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class I USD Redeemable Participating Share - - -

Number of Class IH Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class IH Redeemable Participating Share - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 7 - - -Net Asset Value per Class IL H EUR Redeemable Participating Share - - -



25


GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity Number of Class IL H JPY Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class IL H JPY Redeemable Participating Share - - -

Number of Class IL USD Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class IL USD Redeemable Participating Share - - - Number of Class IM H EUR Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class IM H EUR Redeemable Participating Share - - - Number of Class IM H GBP Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class IM H GBP Redeemable Participating Share - - - Number of Class IM USD Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class IM USD Redeemable Participating Share - - - Number of Class N Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class N Redeemable Participating Share - - - Number of Class DH NOK Redeemable Participating Shares in Issue 7 - - - Net Asset Value per Class DH NOK Redeemable Participating Share - - -


GLG Investments plc Statement of Operations for the six month period ended 30 June 2013

26

GLGGLG GLG GLG Global

GLG Global GLG Global Japan EmergingGlobal Convertible European Sustainability CoreAlpha Marketsequity UCITS Equity Equity Equity Equity

Notes US$ US$ € € ¥ US$IncomeNet gain/(loss) on financial assets and liabilities at fair value through profit or loss 14,027,905 15,608,018 514,829 2,079,163 67,250,972,174 (2,769,374) Interest income on due from brokers 8,025 8,615 - 195 125,998,081 -Total income 14,035,930 15,616,633 514,829 2,079,358 67,376,970,255 (2,769,374)

ExpensesManagement fees 5 625,726 2,573,730 122,655 100,070 776,754,637 94,433Administration fees 5 202,520 523,436 24,912 39,735 258,952,816 42,472Performance fees 5 - 1,913,192 - - - -Interest expenses on overdraft 51,617 375,354 14,570 3,122 27,958,116 35,318Legal fees 95,380 119,767 52,675 15,441 13,907,473 10,513Custody fees 5 (14,210) 67,753 12,721 26,889 31,779,639 14,705Other expenses 48,119 61,952 91,758 28,909 11,316,026 39,507Interest expense on due to brokers 2,102 13,325 707 987 9,235,760 -Audit fees 9,717 15,203 8,775 7,111 1,004,369 5,257Directors' fees 2,769 1,962 3,365 1,471 2,159,847 1,292Setup cost - - - - - -Total expenses 1,023,740 5,665,674 332,138 223,735 1,133,068,683 243,497

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 13,012,190 9,950,959 182,691 1,855,623 66,243,901,572 (3,012,871)

All recognised gains and losses for the period arose solely from continuing operations.


GLG Investments plc Statement of Operations for the six month period ended 30 June 2013 (continued)

27

GLGGLG Global


Notes US$ US$ US$IncomeNet gain/(loss) on financial assets and liabilities at fair value through profit or loss 51,253 (132,545) 493,425,560 Interest income on due from brokers - 155 1,338,880 Total income 51,253 - (132,390) 494,764,440

ExpensesManagement fees 5 16,385 67,941 11,819,494 Administration fees 5 6,986 29,387 3,606,325 Performance fees 5 - - 1,913,192 Interest expenses on overdraft - 2,487 781,311 Legal fees 2,787 23,699 487,488 Custody fees 5 10,293 11,849 475,796 Other expenses 1,762 18,487 446,985 Interest expense on due to brokers 97 - 114,639 Audit fees 721 7,110 69,404 Directors' fees - 1,896 36,928 Setup cost - 10,269 10,269 Total expenses 39,031 173,125 19,761,831

Increase/(Decrease) in Net Assets Attributable to Holdersof Redeemable Participating Shares from Operations 12,222 (305,515) 475,002,609




GLG Investments plc Statement of Operations for the year ended 31 December 2012

28

GLG GLG GLG GLG GLGGLG Global GLG Global Japan Emerging Emerging

Global Convertible European Sustainability CoreAlpha Asia EuropeEquity UCITS Equity Equity Equity Equity Equity

Notes US$ US$ € € ¥ US$ US$IncomeNet gain/(loss) on financial assets and liabilities at fair valuethrough profit or loss 10,195,378 44,650,730 3,557,415 4,268,749 27,222,262,550 1,520,896 1,727,658Interest income on due from brokers 88,190 216,320 30,680 9,446 91,416,453 18 -Total income 10,283,568 44,867,050 3,588,095 4,278,195 27,313,679,003 1,520,914 1,727,658

ExpensesManagement fees 5 942,932 4,338,035 239,702 174,369 906,439,856 17,819 9,734Administration fees 5 281,686 902,489 68,759 69,907 296,627,908 15,375 10,763Custody fees 5 61,215 111,350 36,991 41,631 37,729,704 31,396 16,291Legal fees 110,194 190,725 96,225 25,700 30,104,063 18,127 5,602Other expenses 116,792 182,432 74,721 64,044 15,659,399 (4,705) (2,024)Audit fees 25,435 66,375 45,426 21,081 14,369,721 (10,662) 760Performance fees 5 - 972,526 - - - - -Directors' fees 5,147 2,167 6,806 3,017 327,731 (218) (788)Distribution fees 828 18,874 1,411 - - - -Interest expense on due to brokers 91,061 286 63,120 4,063 4,875,758 690 786Interest expense on overdraft 65,125 780,745 11,385 16,263 3,065 16 5Formation fees - - - - - - -Liquidation cost - - - - - -Total expenses 1,700,415 7,566,004 644,546 420,075 1,306,137,205 67,838 41,129

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 8,583,153 37,301,046 2,943,549 3,858,120 26,007,541,798 1,453,076 1,686,529



GLG Investments plc Statement of Operations for the year ended 31 December 2012 (continued)

29

GLGGLG Global GLG

Frontier Emerging Latin GLG Markets Markets American MENA Combined


IncomeNet gain/(loss) on financial assets and liabilities at fair valuethrough profit or loss 1,289,132 4,695,333 1,949,195 2,471,304 251,438,705Interest income on due from brokers 213 67 5,174 21 1,507,931Total income 1,289,345 4,695,400 1,954,369 2,471,325 252,946,636

ExpensesManagement fees 5 64,346 47,362 11,177 120,009 17,450,290Administration fees 5 47,313 28,964 12,251 48,004 5,244,761Custody fees 5 89,152 47,311 5,544 65,990 1,002,420Legal fees 48,204 20,446 5,895 17,161 950,543Other expenses 63,266 259 (3,840) 62,945 789,821Audit fees 25,275 9,449 2,062 10,000 394,357Performance fees 5 - - - - 972,531Directors' fees 7,311 1,781 (188) 127 32,072Distribution fees - (15,992) - - 5,523Interest expense on due to brokers 215 - - 1,111 241,627Interest expense on overdraft 9,579 4,287 347 1,746 897,418Formation fees - - - - -Liquidation cost 7,000 - - - 7,000Total expenses 361,661 143,867 33,248 327,093 27,988,363

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 927,684 4,551,533 1,921,121 2,144,232 224,958,273



GLG Investments plc Statement of Operations for the six month period ended 30 June 2012

30

GLG GLG GLG GLGGLG Global GLG Global Japan Emerging GLG

Global Convertible European Sustainability CoreAlpha Asia EmergingEquity UCITS Equity Equity Equity Equity Europe Equity

Notes US$ US$ € € ¥ US$ US$IncomeNet (loss)/gain on financial assets and liabilities at fair value through profit or loss (3,690,381) 13,805,780 1,712,928 1,964,055 2,092,676,235 1,461,983 1,670,983 Interest income on due from brokers 30,025 207,521 10,283 4,632 470,702 8 - Total Income (3,660,356) 14,013,301 1,723,211 1,968,687 - 2,093,146,937 - 1,461,991 - 1,670,983

Less ExpensesManagement fees 5 352,751 2,081,004 110,900 80,875 465,056,262 17,696 9,734 Administration fees 5 99,388 436,298 25,542 32,864 151,994,812 15,667 10,763 Interest expenses on overdraft 19,439 473,955 695 9,300 447,120 707 789 Custody fees 5 36,939 42,359 25,238 13,840 17,183,612 24,002 14,581 Legal fees 49,101 110,180 41,812 20,501 4,848,020 11,344 5,050 Other expenses 48,713 118,128 17,756 40,419 7,865,388 1,768 (2,028) Audit fees 18,180 6,753 36,357 13,731 3,771,202 (2,803) 3,247 Interest expense on due to brokers 45,535 284 39,356 2,175 825,492 - - Performance fees 5 - 100,143 - - - - - Directors' fees 2,815 145 3,328 1,496 162,526 2,046 (788) Distribution fees 5 829 13,705 1,410 - - - - Formation fees - - - - - - - Liquidation cost - - - - - 2,000 2,000 Total Expenses 673,690 3,382,954 302,394 215,201 652,154,434 72,427 43,348

(Decrease)/Increase in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (4,334,046) 10,630,347 1,420,817 1,753,486 1,440,992,503 1,389,564 1,627,635



GLG Investments plc Statement of Operations for the six month period ended 30 June 2012 (continued)

31

GLG GLG GLG Frontier Global Emerging Latin GLG Markets Markets American MENA Combined


IncomeNet (loss)/gain on financial assets and liabilities at fair value through profit or loss 215,850 1,560,842 1,902,867 1,111,003 7,774,700 Interest income on due from brokers 194 - - 48 263,039Total Income 216,044 - 1,560,842 - 1,902,867 - 1,111,051 - 8,037,739

Less ExpensesManagement fees 5 37,024 17,771 11,056 67,156 8,679,269Administration fees 5 25,682 23,082 11,383 26,862 2,632,382Interest expenses on overdraft 361 281 84 2,256 516,441Custody fees 5 67,426 36,240 3,834 14,929 506,630Legal fees 31,756 8,019 19,083 - 376,158Other expenses 29,559 (9,577) (4,624) 2,081 358,148Audit fees 17,460 5,171 4,534 - 164,804Interest expense on due to brokers 28 - 1,812 - 111,859Performance fees 5 - - - - 100,148Directors' fees 4,184 1,046 801 - 18,543Distribution fees 5 - - - - 16,367Formation fees - - - 10,439 10,439Liquidation cost 2,000 2,000 - - 8,000Total Expenses 215,480 84,033 47,963 123,723 13,499,188

(Decrease)/Increase in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 564 1,476,809 1,854,904 987,328 (5,461,449)



GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the six month period ended 30 June 2013

32

GLG GLG Global

GLG Global GLG Global Japan EmergingGlobal Convertible European Sustainability CoreAlpha MarketsEquity UCITS Equity Equity Equity Equity

Note US$ US$ € € ¥ US$Net assets attributable to redeemable participating shareholders at beginning of the period 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 31,786,584

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 13,012,190 9,950,959 182,691 1,855,623 66,243,901,572 (3,012,871)

Subscriptions 7 4,767,530 55,899,334 23,425,033 37,646 132,568,853,964 -

Redemptions 7 (21,205,956) (56,506,863) (11,813,818) (4,552) (104,798,906,571) (15,470,000)

Net Assets Attributable to Redeemable Participating Shareholders at end of period 131,156,593 339,094,941 28,904,679 26,996,375 228,053,362,029 13,303,713


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the six month period ended 30 June 2013 (continued)

33

GLGGLG Global


Note US$ US$ US$Net assets attributable to redeemable participating shareholders at beginning of the period - - 2,102,618,513

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 12,222 (305,515) 475,002,609

Subscriptions 7 15,470,000 21,387,374 1,519,094,006

Redemptions 7 - (12,269) (1,208,144,431)

Net Assets Attributable to Redeemable Participating Shareholders at end of period 15,482,222 21,069,590 2,888,570,697



GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012

34

GLG GLGGLG Global GLG Global Japan Emerging

Global Convertible European Sustainability CoreAlpha AsiaEquity UCITS Equity Equity Equity Equity

Note US$ US$ € € ¥ US$Net assets attributable to redeemable participating shareholders at beginning of year 34,557,328 273,810,767 23,010,705 20,342,436 85,984,461,314 10,487,379

Increase/(decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 8,583,153 37,301,046 2,943,549 3,858,120 26,007,541,798 1,453,076

Subscriptions 7 123,019,721 222,053,072 19,127,710 1,324,580 75,784,187,959 -

Redemptions 7 (31,577,373) (203,413,374) (27,971,191) (417,478) (53,736,678,007) (11,940,455)

Net Assets Attributable to Redeemable Participating Shareholders at end of year 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 -


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012 (continued)

35

GLGGLG GLG Global GLG

Emerging Frontier Emerging Latin GLG Europe Markets Markets American MENA CombinedEquity Equity Equity Equity Equity Company

Note US$ US$ US$ US$ US$ US$Net assets attributable to redeemable participating shareholders at beginning of year 9,401,241 12,005,793 10,493,264 10,528,036 - 1,535,114,607

Increase/(decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 1,686,529 927,684 4,551,533 1,921,121 2,144,232 224,958,273

Subscriptions 7 - - 28,775,870 - 23,726,885 1,374,192,157

Redemptions 7 (11,087,770) (12,933,477) (12,034,083) (12,449,157) (25,871,117) (1,031,646,530)

Net Assets Attributable to Redeemable Participating Shareholders at end of year - - 31,786,584 - - 2,102,618,507


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the six month period ended 30 June 2012

36

GLG GLG GLG GLGGLG Global GLG Global Japan Emerging

Global Convertible European Global CoreAlpha AsiaEquity UCITS Equity Sustainability Equity Equity

US$ US$ € € ¥ US$Net assets attributable to redeemable participating shareholders at beginning of the period 34,557,328 273,810,767 23,010,705 20,342,436 85,984,461,314 10,487,379

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (4,334,046) 10,630,347 1,420,817 1,753,486 1,440,992,503 1,389,564

Subscriptions 80,911,950 62,802,459 4,682,310 955,122 42,344,343,315 -

Redemptions (4,062,456) (67,308,970) (12,525,945) - (31,106,419,408) (11,876,943)

Net Assets Attributable to Redeemable Participating Shareholders at end of period 107,072,776 279,934,603 16,587,887 23,051,044 98,663,377,724 -


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the six month period ended 30 June 2012 (continued)

37

GLG

GLG GLG Global GLG Emerging Frontier Emerging Latin GLG

Europe Markets Markets American MENA CombinedEquity Equity Equity Equity Equity Company

US$ US$ US$ US$ US$ US$Net assets attributable to redeemable participating shareholders at beginning of the period 9,401,241 12,005,793 10,493,264 10,528,036 - 1,535,114,607

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 1,627,635 564 1,476,809 1,854,904 987,328 (5,461,449)

Subscriptions - - - - 23,283,205 705,727,460

Redemptions (11,028,876) (2,995,217) (11,970,073) (12,382,940) (6,943,968) (535,193,575)

Net Assets Attributable to Redeemable Participating Shareholders at end of period - 9,011,140 - - 17,326,565 1,700,187,043


GLG Investments plc Condensed Notes to the Financial Statements for the six month period ended 30 June 2013

38

1. Establishment GLG Investments plc (the “Fund”) was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. The Fund has been authorised by the Central Bank of Ireland (the “Financial Regulator”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “Regulations”).The Fund’s investment manager is GLG Partners LP (the “Investment Manager”). The Fund’s registered office is at 70 Sir John Rogerson’s Quay, Dublin 2, Ireland. The Fund has no employees. The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”) which means that different Portfolios may be created from time to time by the Directors with the approval of the Financial Regulator. Each Portfolio will be represented by a different series of Redeemable Participating Shares (the “Shares”) and will be invested in accordance with the investment objectives and policies applicable to such Portfolio. To date sixteen Portfolios have been established. The investment objectives and policies of each Portfolio are detailed below. GLG Global Equity GLG Global Equity’s investment objective is to provide a high total return, measured in US Dollars, (for Class I USD, Class B, Class D USD and Class DH USD shares), in euro (for Class I EUR, Class DH EUR and Class IH EUR Shares) and in Sterling (for Class I GBP, Class IH GBP and Class D H T GBP Shares) for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in common stock and other equity securities but also invests in money market instruments, government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps. The Portfolio invests in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may also hold ancillary liquid assets. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus of the Fund. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 30 June 2013 Classes D USD, I USD, I EUR, D H EUR, I H EUR, D H T GBP, I GBP and I H GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Global Convertible UCITS GLG Global Convertible UCITS’s investment objective is to achieve compounded appreciation of the investor’s capital measured in US Dollars (for Class IL USD, Class DL USD, and Class IM USD Shares), in euro (for Class DL H EUR, Class IL H EUR and Class IM H EUR Shares), in Sterling (for Class DL H GBP and Class IM H GBP Shares) and in Japanese Yen (for Class DL H JPY and Class IL H JPY Shares) through investing globally in an actively managed portfolio of convertible bonds, convertible preference shares, debt securities, warrants and other equity-linked securities, which may include but are not limited to such instruments as stock options and equity swaps, with less volatility than a portfolio of the underlying equities in the international securities markets. The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Investment Manager will seek to reduce the Portfolio’s volatility through diversification and through active management of the three principal risk parameters; credit rating, conversion premium and premium to yield support. The Portfolio’s investments will be in accordance with the concentration and other restrictions described in the Prospectus of the Fund. In addition, the Directors have determined that no more than 30% of the net assets of the Portfolio will be held in non-investment grade. For the avoidance of doubt, the exposure will take into account direct or indirect exposure to non-investment grade securities, including convertible bonds and convertible preference securities, and shall be reduced by any relevant hedges, including synthetic short equity exposures. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moodys or, where no such rating exists, as determined by the Investment Manager in good faith. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. The Portfolio may from time to time invest in asset swapped convertible options transactions (“ASCOTs”). An ASCOT consists of an option on a convertible bond that is used to separate the convertible bond into its two constituent parts, i.e. the bond and the option to acquire stock. ASCOTs will be used by the Investment Manager in an effort to protect the Portfolio against the potential impact of credit risk or interest rate risk in a particular convertible bond. In an ASCOT transaction, the Investment Manager sells a convertible bond in return for a combination of a cash payment and a call option which entitles the Investment Manager to repurchase the convertible bond on demand. The convertible bond is repurchased when the Investment Manager determines that it wishes to realise the value of any gain or loss on this call option. As at 30 June 2013 DL USD, IL USD, IM USD, DL H EUR, IL H EUR, IM H EUR, DL H GBP and IM H GBP were in operation and listed on the official list of the Irish Stock Exchange.

GLG Investments plc Condensed Notes to the Financial Statements for the six month period ended 30 June 2013 (continued)

39

1. Establishment (continued) GLG European Equity GLG European Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars (for Class I H USD and Class D H USD Shares), in euro (for Class I EUR, Class D EUR, Class J Shares), in Sterling (for Class D H T GBP Shares) and in NOK (for Class DH NOK Shares). The Portfolio invests at least two thirds of the net assets (after deduction of ancillary liquid assets) in equity securities (excluding securities convertible into equity securities) of issuers with a registered office in Europe or of issuers which derive a predominant part of their revenues from activities in Europe. The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio invests predominantly in common stocks and other equity securities. The Portfolio invests not more than one third of its net assets (after deducting if ancillary liquid assets) in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 30 June 2013, Classes I H USD, D H USD, D EUR, I EUR and D H T GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Global Sustainability Equity GLG Global Sustainability Equity’s investment objective is to provide investors with long term capital appreciation measured in euro (for Class D and Class DT Shares) and in Sterling (for Class IH Shares). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers with exposure to capital investment in sustainability themes or who stand to benefit from such capital investment. For the purposes of this investment policy, "sustainability" is defined as the capital investment required to address demographic and environmental change through functional and cost efficiencies on a long-term basis. Sustainable companies are viewed as those best able to benefit economically both from industry trends, regulatory change, product cycle innovation and cost efficiencies as a result of the better management of energy, resources, environmental and demographic trends. There will be an emphasis on investment in securities of companies with exposure to sustainability themes that include (without limitation): (i) transportation, (ii) energy, (iii) food and agriculture, (iv) waste and water management, (v) manufacturing and industrials efficiencies, (vi) materials, (vii) resources management and (viii) demographic driven change. The Portfolio will seek to achieve its investment objective through a strategy of investment in listed equities. The Portfolio shall invest primarily in mid-to large-capitalisation common stocks and other equity and equity-linked securities (which may include but are not limited to such instruments as options and swaps) which are listed, traded or dealt on Recognised Markets and are issued by entities which the Investment Manager determines will stand to benefit from investment in sustainability strategies. The Portfolio will have a global focus and will not prioritise investment in any one geographical region. While the Portfolio will primarily invest in equity and equity-linked securities, it may also invest in other instruments such as global currencies, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate instruments, investment grade and non-investment grade instruments, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments rated above investment grade by a Recognised Rating Agency or determined by the Investment Manager to be of comparable quality. The Portfolio may hold ancillary liquid assets including term deposits. While the Portfolio will primarily invest in equity and equity-linked securities, it may also invest in open-ended collective investment schemes subject to the restrictions set out in paragraph (iii) of the section of the Prospectus entitled "Investment Powers and Restrictions". Investment in any one collective investment scheme will not exceed 10% of the Net Asset Value of the Portfolio. Subject to the preceding sentence, the Portfolio may invest in exchange-traded funds, which are typically open-end funds or unit investment trusts, listed on a Recognised Market.


40

1. Establishment (continued) GLG Global Sustainability Equity (continued) While the intention of the Investment Manager is to invest, in normal circumstances, in the investments referred to above, in exceptional market conditions or where the Investment Manager is of the opinion that there are insufficient investment opportunities in such securities, the Investment Manager may retain a significant proportion of the Portfolio in cash and/or invest a significant proportion of the Portfolio in liquid assets including cash equivalents and money market instruments. The Investment Manager may also hold cash and/or invest in liquid assets in order to comply with the requirements of the Prospectus, the UCITS Regulations and/or the Central Bank in relation to leverage and the cover of positions held through FDI. Subject to complying with the Portfolio's investment objective, the Portfolio may use financial derivative instruments ("FDI") to (i) obtain exposure to equity and other investments outlined above where the Investment Manager determines that the use of FDI is more efficient or cost effective than direct investment, (ii) take exposure to equity instruments related to the investment theme outlined above, (iii) take advantage of the Investment Manager's thematic analysis of sustainability investment, (iv) enter into currency transactions including forward currency contracts, currency swaps, currency options and foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of Share classes, or (v) for hedging purposes. For the avoidance of doubt, investment in FDI may not always meet sustainability criteria. Derivative instruments which may be used by the Portfolio include swaps (including contracts for differences), exchange traded and OTC call and put options and exchange traded and OTC futures and forward contracts. For example, contracts for differences may be used to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description or in an index or other factor designated for that purpose in the contract. Swaps (including swaptions) may be used to achieve a profit as well as to hedge existing long positions. Where the Portfolio undertakes a "total return swap" in respect of equities, bonds or commodity indices, it will obtain a return which is based principally on the performance of the underlying assets of the swap plus or minus the financing charges agreed with the counterparty. Such swap arrangements involve the Portfolio taking on the same market risk as it would have if it held the underlying assets of the swap itself and the return sought is the same financial rewards as if the Portfolio held the underlying security or index, plus or minus the financing costs that would have occurred had the transaction been fully funded from the outset. Options may be used to hedge or to achieve exposure to a particular market instead of using a physical security. Futures contracts may be used to hedge against market risk or to gain exposure to a particular market or risk type. For example, the Investment Manager may use equity index futures to gain exposure to the desired equity markets. Forward contracts may be used to hedge or to gain exposure to a change in the value of an asset, currency or deposit. For the avoidance of doubt, any reference in this investment objective and policies to investment in securities by the Portfolio may be deemed also to refer to indirect investment in such securities through the use of FDI. The Investment Manager may take synthetic short positions to hedge certain long positions within the Portfolio. As with the Portfolio’s direct investments, the Investment Manager expects to take synthetic short positions primarily in respect of securities listed or traded on Recognised Markets. As at 30 June 2013, Classes D EUR and I H GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Japan CoreAlpha Equity The GLG Japan CoreAlpha Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars (for Class D H USD, Class I USD and Class I H USD), in euro (for Class D H EUR, Class I EUR and Class I H EUR), in Yen (for Class D JPY and Class I JPY) and in Sterling (for Class D H GBP, Class I GBP and Class I H GBP). The Portfolio invests primarily in securities of issuers in Japan or of issuers which derive a substantial part of their revenues from activities in Japan. The Portfolio invests predominantly in common stocks, ADRs and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 30 June 2013, Classes D H USD, I H USD, I USD, D H EUR, I H EUR, I EUR, D H GBP, I H GBP, I GBP, D JPY, I JPY, Class I H CHF and Class D H CHF were in operation and were listed on the official list of the Irish Stock Exchange.


41

1. Establishment (continued) GLG Global Emerging Markets Equity GLG Global Emerging Markets Equity’s investment objective is to provide long term capital appreciation.

The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging markets in Europe, Latin America, the Middle East, North Africa and the Pacific Basin or other emerging market regions (each a “Global Emerging” region) including without limitation, Brazil, Chile, Mexico, Russia, Turkey, Poland, Hungary, the Czech Republic, China, India, Korea, Taiwan, Thailand, South Africa, Saudi Arabia, Kuwait, Egypt, Qatar, and UAE or of issuers which derive a substantial part of their revenues from activities in Global Emerging regions.

The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Global Emerging region. In determining whether a particular security or issuer relates to a Global Emerging region, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Global Emerging regions. As at 30 June 2013, Class I H GBP was in operation and listed on the official list of the Irish Stock Exchange. GLG MENA Equity GLG MENA Equity’s investment objective is to provide long term capital appreciation of the investor’s capital measured in Sterling (for Class I H GBP). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in Middle Eastern and North African countries (“MENA Countries”), including without limitation, Saudi Arabia, Kuwait, Egypt, Qatar, the United Arab Emirates, Morocco, Oman, Lebanon, Jordan, Bahrain, and Tunisia or of issuers which derive a substantial part of their revenues from activities in MENA Countries. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a MENA Country. In determining whether a particular security or issuer relates to a MENA Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside MENA Countries. On 13 November 2012 GLG MENA Equity Shares were fully redeemed and the Portfolio was re-launched on 8 May 2013. As at 30 June 2013, Class I H GBP was in operation. GLG Global Investment Grade Bond (commenced operations on 8 January 2013) GLG Global Investment Grade Bond’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily, either directly or indirectly through the use of derivatives, in a global portfolio of investment grade debt securities and foreign currencies. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moody’s or, where no such rating exists, as determined by the Investment Manager in good faith to be equivalent. The Portfolio has a global focus in so far as it does not limit its investments to any region or country. Investment by the Portfolio in issuers in emerging market countries will not exceed 10% of the Net Asset Value of the Portfolio. For the avoidance of doubt, the Portfolio may have significant currency exposures. As at 30 June 2013, Class D USD and I USD were in operation and were listed on the official list of the Irish Stock Exchange. GLG Frontier Markets Equity (ceased operations on 13 November 2012) GLG Frontier Markets Equity’s investment objective is to provide long term capital appreciation of the investor’s capital measured in Sterling (for Class I H GBP). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in countries deemed by the Investment Manager to be frontier markets (“Frontier Markets”), including without limitation, Kuwait, Qatar, the United Arab Emirates, Nigeria, Argentina, Pakistan, Oman, Kenya, Kazakhstan, Lebanon, Slovenia, Vietnam, Croatia, Bangladesh, Sri Lanka, Jordan, Romania, Trinidad & Tobago, Ukraine, Mauritius, Tunisia, Bahrain, Estonia, Serbia, Bulgaria, Lithuania, and Saudi Arabia or of issuers which derive a substantial part of their revenues from activities in Frontier Markets. The Investment Manager considers that Frontier Markets are similar to emerging markets. However, they have smaller and fewer companies, fewer investors and less trading than emerging markets. There is also less regulation, information on companies and transparency in Frontier Markets. It is generally expected that Frontier Markets will be the next generation of emerging markets.


42

1. Establishment (continued)

GLG Frontier Markets Equity (ceased operations on 13 November 2012) (continued) The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Frontier Market. In determining whether a particular security or issuer relates to a Frontier Market, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Frontier Markets. On 13 November 2012 GLG Frontier Markets Equity Shares were fully redeemed and Fund ceased its operations. GLG Emerging Asia Equity (ceased operations 29 March 2012) GLG Emerging Asia Equity’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging Asian countries (“Emerging Asian Countries”), including without limitation, China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, and Thailand or of issuers which derive a substantial part of their revenues from activities in Emerging Asian Countries.

The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to an Emerging Asian Country. In determining whether a particular security or issuer relates to an Emerging Asian Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Emerging Asian Countries.

On 29 March 2012 GLG Emerging Asia Equity Shares were fully redeemed and Fund ceased its operations. GLG Latin American Equity (ceased operations on 23 February 2012) GLG Latin American Equity’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in Latin American countries (“Latin American Countries”), including without limitation, Brazil, Chile, Columbia, Mexico, and Peru or of issuers which derive a substantial part of their revenues from activities in Latin American Countries. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Latin American Country. In determining whether an particular security or issuer relates to a Latin American Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder issuers or markets located outside Latin American Countries. On 23 February 2012 GLG Latin American Equity Shares were fully redeemed and Fund ceased its operations.

GLG Emerging Europe Equity (ceased operations on 23 February 2012) GLG Emerging Europe Equity’s investment objective is to provide long term capital appreciation.

The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging European Countries (“Emerging European Countries”), including without limitation, Russia, Turkey, Poland, Hungary, and the Czech Republic or of issuers which derive a substantial part of their revenues from activities in Emerging European Countries.

The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to an Emerging European Country.

In determining whether a particular security or issuer relates to an Emerging European Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Emerging European Countries.

On 23 February 2012 GLG Emerging Europe Equity Shares were fully redeemed and Fund ceased its operations.

GLG Balanced (ceased operations on 6 December 2011) GLG Balanced’s investment objective is to seek long term capital preservation through a combination of investments in money market instruments, government and corporate bonds, equities, bonds convertible into common stock, preferred shares, warrants and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, in a balanced asset allocation seeking inflation adjusted growth of capital. The Portfolio may invest substantially in either fixed income or equity securities.


43

1. Establishment (continued) GLG Balanced (ceased operations on 6 December 2011) (continued) The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may use currency transactions including forward currency contracts, currency swaps and foreign currency to alter the exposure characteristics of transferable securities held by the Portfolio.

On 6 December 2011 GLG Balanced Shares were fully redeemed and the Fund ceased its operations.

GLG Capital Appreciation (ceased operations on 6 December 2011) GLG Capital Appreciation’s investment objective is to provide long term appreciation of the investor’s capital. The Portfolio’s asset allocation will respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Portfolio invests primarily in common stock and other equity securities but may also invest in money market instruments, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps. The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may also hold ancillary liquid assets. The Investment Manager will seek to reduce the Portfolio’s volatility by diversification of its investments. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. On 6 December 2011 GLG Capital Appreciation Shares were fully redeemed and the Fund ceased its operations. GLG North American Equity (ceased operations on 6 December 2011) GLG North American Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in securities of issuers in North America or of issuers which derive a substantial part of their revenues from activities in North America. The Portfolio invests primarily in securities listed or traded on Recognised Markets in North America, Canada and Mexico. The Portfolio invests predominantly in common stocks and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in countries other than North America, Canada and Mexico. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share Classes.

On 6 December 2011 GLG North American Equity Shares were fully redeemed and the Fund ceased its operations. GLG UK Select Equity (ceased operations on 10 October 2011) GLG UK Select Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in securities of issuers in the UK or of issuers which derive a substantial part of their revenues from activities in the UK. The Portfolio invests predominantly in common stocks, ADRs and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will use financial derivative instruments in the form of contracts for difference from time to time as they provide a cost efficient method of obtaining exposure to UK securities

A “contract for difference” is a contract intended to secure a profit or avoid a loss by reference to fluctuations in the value of a price or property of description or in an index or other factor designated for that purpose in the contract. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities.

The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes.

On 10 October 2011 GLG UK Select Equity Shares were fully redeemed and the Fund ceased its operations.


44

2. Accounting Policies

(a) Accounting Convention These unaudited financial statements are prepared on the basis of the recommendations contained in the Statement: Half-Yearly Financial Reports issued by the Accounting Standards Board in July 2007, and in accordance with accounting standards issued by Accounting Standards Board. (b) Changes in Accounting Policy and Disclosure On 14 March 2013, the Financial Reporting Council (“FRC”) issued The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), which replaces existing accounting standards in the UK & Irish Generally Accepted Accounting Principles. The overriding objective of the FRC in implementing FRS 102 was to enable users of financial statements to receive high-quality understandable financial reports proportionate to the size and complexity of the relevant entity and the users’ information needs. FRS 102 is mandatory for accounting periods beginning on or after 1 January 2015 with early adoption permitted.

(c) Use of Estimates The preparation of financial statements in conformity with Irish GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors such as judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. (d) Going Concern The Fund’s management has made an assessment of the Fund’s ability to continue as a going concern and is satisfied that the Fund has resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Fund’s ability to continue as a going concern, therefore, the financial statements continue to be prepared on a going concern basis.

(e) Income Recognition Interest and dividends on financial instruments held at fair value through profit or loss for the period are credited to net gain or loss on financial assets and liabilities at fair value through profit or loss in the Statement of Operations on an accruals basis and ex-dividend basis respectively, net of withholding tax.

(f) Valuation of Investments Financial assets and liabilities at fair value through profit or loss This category has two sub-categories: (a) financial assets and liabilities held for trading, and (b) those designated by management at fair value through profit or loss at inception. Financial assets or liabilities held for trading are acquired or incurred principally for the purpose of selling or repurchasing in the short term. Derivatives are also categorised as held for trading as the Fund does not designate any derivatives as hedges in a hedging relationship.

Regular-way purchases and sales of investments are recognised on the trade date, which is the date on which the Fund commits to purchase or sell the asset. Investments are initially recognised at fair value. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership. The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Statement of Assets and Liabilities date. The quoted market price used for financial assets held by the Fund is the current ‘bid’ price, whilst the ‘ask’ price is used for financial liabilities. When the Fund holds derivatives with offsetting market risks it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies the bid or asking price to the net open position, as appropriate. The Fund may from time to time invest in financial instruments that are not traded in an active market (for example, over-the-counter derivatives and private placements of both equities and fixed income securities). In 1999 the then GLG funds approved the creation of an Independent Pricing Committee (“IPC”) that is now made up of a Director from the relevant fund, a representative from the Administrator, from senior management at the Investment Manager and from the risk management team of the Investment Manager. With effect from 1 August 2007 the IPC changed from meeting on an ad hoc basis to a monthly basis. In addition to approving prices and pricing mechanisms of the assets held in the GLG funds, the IPC determines the pricing of assets where the pre-agreed pricing matrix causes the Administrator to refer the decision on pricing to the IPC. The IPC uses a variety of methods and techniques in order to determine the fair value of such securities. Valuation techniques used include the use of comparable recent arm’s length transactions or other pricing sources, various pricing models (including options pricing) and other valuation techniques commonly used by market participants who trade the securities in question. Exchange traded derivative instruments (including, but not limited to, swaps and futures) dealt on a market shall be valued at the settlement price on the relevant Valuation Day for such instruments on such market. If the settlement price is not available, their probable realisation value shall be as determined with care and in good faith by the Directors and approved for that purpose by BNY Mellon Trust Company (Ireland) Limited (the “Custodian”).


45

2. Accounting Policies (continued)

(f) Valuation of Investments (continued) Financial assets and liabilities at fair value through profit or loss (continued) After initial measurement, the Fund measures financial instruments, which are classified as at fair value through profit or loss, at their fair values. FRS 26 indicates that for listed assets and liabilities the best evidence of fair value is usually the last bid price for securities held and offer price for securities sold short.

According to the Fund’s Prospectus the fair values of listed assets and liabilities included in the Fund’s Net Asset Value at which Shareholder transactions are processed are based on the quoted last traded prices for equities and mid-market prices for derivatives on a recognised stock exchange, or sourced from a reputable broker/counterparty, in the case of non-exchange traded instruments, without any deduction for estimated future selling costs. The Directors have determined that, as at 30 June 2013, the valuation of the financial assets and liabilities in accordance with the Prospectus approximates to that produced by FRS 26 and consequently have utilised the former in the financial statements.

(g) Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Assets and Liabilities when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liability simultaneously.

(h) Contracts for Difference (“CFDs”) The Fund enters into contracts with a market maker whereby the market maker notionally buys or sells a specified security from/to the Fund. Certain market makers require that the Fund deposits an amount equal to the value of the securities notionally purchased (‘Fully Funded CFDs’). Fully Funded CFDs have characteristics similar to equities, except in relation to credit risk, and are treated equities in the financial statements. Unfunded CFDs are treated and disclosed as for any other derivative.

(i) Realised and Unrealised Gains and Losses All realised and unrealised gains and losses on securities and derivatives are recognised as net gain/ (loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. The cost of securities sold is accounted for on a weighted average basis. The unrealised gain or loss on open derivative contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settled or offset by other contracts.

(j) Transaction Costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Transaction costs incurred by the Fund during the period are recognised in the Statement of Operations.

(k) Foreign Currency Items included in the Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (the “Functional Currency”). The financial statements are expressed in the Functional Currency of each Portfolio, being either US Dollars (US$), euro (€), Pound Sterling (£) or Japanese Yen (¥). The combined Fund balances are expressed in US$, being the Functional Currency of the Fund as a whole. The Fund has also selected US$ as the currency in which it presents its financial statements and not the local currency of Ireland reflecting the fact that transactions are denominated primarily in US$. Transactions during the period denominated in foreign currencies have been translated at the rates of exchange ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Assets and Liabilities date (see note 11). For foreign currency investment transactions and for foreign currency investments held at the period end, the resulting profits or losses are recognised as a net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. For all other foreign currency transactions and assets and liabilities, the resulting profits or losses are recognised as a net gain/ (loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. Gains and losses on forward foreign exchange contracts taken out to mitigate the value of non US Dollars Share Classes are included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations and allocated to the relevant Share Class.

(l) Taxation The Fund qualifies as an investment undertaking as defined in Section 739 B of the Taxes (Consolidation) Acts 1997. It is not chargeable to Irish tax on its income or capital gains. Tax may arise on the happening of a chargeable event. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption or transfer of Shares. No tax will arise on the Fund in respect of chargeable events regarding: (i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the

necessary signed statutory declarations are held by the Fund; or (ii) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutory declarations; or (iii) Shares held in a recognised clearing system as designated by the order of the Irish Revenue Commissioners.


46

2. Accounting Policies (continued) (l) Taxation (continued) Following legislative changes in the Finance Act 2006, the holding of shares at the end of a Relevant Period (as defined below) will, in respect of Irish Resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares. “Relevant Period” is defined as a period of 8 years beginning with the acquisition of a share by a Shareholder and each subsequent period of 8 years beginning immediately after the preceding relevant period. (m) Securities Sold under Agreements to Repurchase and Securities Purchased under Agreements to Resell Securities sold under agreement to repurchase at a specified future date (“Repurchase Agreements”) are not derecognised from the Statement of Assets and Liabilities as the Fund retains substantially all the risks and rewards of ownership. The corresponding cash received is recognised in the Statement of Assets and Liabilities with a corresponding obligation to repay it, reflecting its economic substance as a loan to the Fund. The difference between the sale and repurchase prices is treated as interest expense and is accrued over the life of the agreement using the effective interest method and included in the Statement of Operations as interest expense. Where the counterparty has the right to sell or pledge the securities sold to it then the assets are separately disclosed as Financial Assets at fair value through profit or loss pledged as collateral. Securities purchased under agreements to resell at a specified future date (“Reverse Repurchase Agreements”) are not recognised in the Statement of Assets and Liabilities unless they are subsequently sold to third parties (‘rehypothecation’) in which case, the obligation to return the securities is recorded as a short sale within trading liabilities and measured at fair value with any gains or losses included in the Statement of Operations. The corresponding cash paid is derecognised and a corresponding receivable is recorded in the Statement of Assets and Liabilities reflecting the Fund’s right to receive it back. The difference between the purchase and resale prices is treated as interest revenue and is accrued over the life of the agreement using the effective interest method and include in the Statement of Operations as interest income. (n) Cash Flow Statement The Fund has availed of the exemption available to open ended investment funds under FRS 1 not to prepare a cash flow statement as the Fund fulfils the three conditions relating to the liquidity of investments held, whether they are held at market value and whether a statement of changes in net assets is provided.

(o) Stock Borrowing As part of its trading strategy the Fund takes short positions and accordingly pays stock borrowing fees which are recorded in the Statement of Operations.

3. Financial Instruments held at fair value through profit or loss The following tables summarise financial assets and liabilities at fair value through profit or loss as at 30 June 2013:

30 June 31 December2013 2012

GLG Global Equity Fair Value Fair ValueNote US$ US$

Financial assets at fair value through profit or lossHeld for Trading:Equities and managed funds Equity securities 105,887,595 103,338,956 Collective investment schemes 2,041,354 1,884,821 Total equities and managed funds 107,928,949 105,223,777

Derivatives Forward currency contracts 6 1,310,445 1,555,937 Contracts for difference - unfunded 6 1,297,820 2,019,584 Future contracts 6 8,378 - Total derivatives 2,616,643 3,575,521

Total financial assets held at fair value through profit or loss 110,545,592 108,799,298


47

3. Financial Instruments held at fair value through profit or loss (continued)


GLG Global Equity (continued) Fair Value Fair ValueNote US$ US$

Financial liabilities at fair value through profit or lossHeld for Trading:Equities and managed funds Equity securities (245,902) -

Total equities and managed funds (245,902) -

Derivatives Forward currency contracts 6 (778,577) (683,998) Contracts for difference - unfunded 6 (447,211) (276,735)

Total derivatives (1,225,788) (960,733)

Total financial liabilit ies at fair value through profit or loss (1,471,690) (960,733)


GLG Global Convertible UCITS Fair Value Fair ValueNote US$ US$

Financial assets at fair value through profit or lossHeld for trading:Equities and managed funds

Warrants 7,170,337 2,905,087 Equity securities 4,707,924 10,833,415 Preferred stocks 3,250,617 3,114,613

Total equities and managed funds 15,128,878 16,853,115

Interest bearing securitiesConvertible bonds 286,780,641 305,950,740 Corporate bonds 8,828,105 -

Total interest bearing securities 295,608,746 305,950,740

DerivativesForward currency contracts 6 2,806,011 1,457,268 Contracts for difference-unfunded 6 338,027 852,839 ASCOTs 6 328,895 73,200 Future contract 6 295,313 187,544 Options 6 57,375 735,231 Credit default swaps 6 55,288 220,572

Total derivatives 3,880,909 3,526,654


Financial liabilities at fair value through profit or lossHeld for trading:Derivatives

Contracts for difference-unfunded 6 (3,466,438) (1,504,661) Forward currency contracts 6 (1,654,586) (2,503,055) Credit default swaps 6 (231,096) (35,501) Future contract 6 (42,400) (76,000)

Total derivatives (5,394,520) (4,119,217)

Total financial liabilit ies at fair value through profit or loss (5,394,520) (4,119,217)


48



GLG European Equity Fair Value Fair ValueNote € €


Equity securities 16,713,973 7,933,246 Total equities and managed funds 16,713,973 7,933,246

DerivativesContracts for difference - unfunded 6 180,792 630,845 Forward currency contracts 6 75,499 23,028 Future contracts 6 1,744 300

Total derivatives 258,035 654,173



Contracts for difference - unfunded 6 (639,819) (95,047) Forward currency contracts 6 (220,238) (79,506)

Total derivatives (860,057) (174,553)

Total financial liabilit ies at fair value through profit or loss (860,057) (174,553)


GLG Global Sustainability Equity Fair Value Fair ValueNote € €


Equity securities 25,320,968 23,090,779


DerivativesForward currency contracts 6 66,843 341967Contract for difference - unfunded 6 46,997 189,374

Toral derivatives 113,840 531,341



Forward currency contracts 6 633,875 122,306 Contracts for difference - unfunded 6 98,393 11,749

Total derivatives 732,268 134,055

Total financial liabilities at fair value through profit or loss 732,268 134,055


49



Japan Core Alpha Equity Fair Value Fair ValueNote ¥ ¥


Equity securities 226,280,481,026 129,559,023,052 Total equities and managed funds 226,280,481,026 129,559,023,052

DerivativesForward currency contracts 6 336,387,070 4,683,060,939

Toral derivatives 336,387,070 4,683,060,939

Total financial assets held at fair value through profit or loss 226,616,868,096 134,242,083,991


Forward currency contracts 6 (122,506,074) (96,830,791) Total derivatives (122,506,074) (96,830,791)

Total financial liabilities at fair value through profit or loss (122,506,074) (96,830,791)

30 June 31 December

2013 2012GLG Global Emerging Markets Equity Fair Value Fair Value

Note US$ US$Financial assets at fair value through profit or lossHeld for trading:Equities and managed funds

Equity securities 10,175,796 25,270,764 Preferred stocks 349,807 2,100,110 Warrants - 1,305,874


DerivativesForward currency contracts 6 33,730 518,062 Total return swaps 6 3,678 106,835

Toral derivatives 37,408 624,897



Total return swaps 6 (196,928) (26,935) Forward currency contracts 6 (246,207) (13,329)

Total derivatives (443,135) (40,264)

Total financial liabilities at fair value through profit or loss (443,135) (40,264)


50


30 June2013

GLG MENA Equity Fair ValueNote €


Equity securities 14,605,944 Total equities and managed funds 14,605,944

DerivativesForward currency contracts 6 3,179

Total derivatives 3,179

Total financial assets held at fair value through profit or loss 14,609,123


Forward currency contracts 6 (211,799) Total derivatives (211,799)

Total financial liabilities at fair value through profit or loss (211,799)

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013.

30 June

2013 GLG Global Investment Grade Bond Fair Value

Note US$Financial assets at fair value through profit or lossHeld for trading:Interest bearing securities

Corporate bonds 18,083,825

Total interest bearing securities 18,083,825

DerivativesForward currency contracts 6 335,235

Toral derivatives 335,235

Total financial assets held at fair value through profit or loss 18,419,060


Forward currency contracts 6 (5,657) Total derivatives (5,657)

Total financial liabilities at fair value through profit or loss (5,657)

The Portfolio commenced its operations on 7 January 2013 and as such there are no comparatives presented for 31 December 2012.

4. Fair Value of Financial Instruments The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in determining the measurements in line with FRS 29.


51

4. Fair Value of Financial Instruments (continued)

The fair value hierarchy has the following levels:

Level 1 Quoted market price in an active market for an identical instrument. Level 2 Valuation techniques based on observable inputs. This category includes instruments valued using: quoted market

prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Level 3 Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs could have a significant impact on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

When fair values of listed equity and debt securities at the reporting date, as well as, publicly traded derivatives are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy. For all other financial instruments, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models. The Fund uses widely recognised valuation models for determining fair values of over-the-counter derivatives. For these financial instruments, inputs into models are market observable and are, therefore, included within Level 2. Instruments included in Level 3 include those for which there is currently no active market. In valuing such instruments the Fund uses a valuation model which is accepted in the industry. Some of the inputs to that model may not be market observable and, therefore, require varying degrees of judgement depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instruments. GLG Global Equity30 June 2013 Level 1 Level 2 Level 3 Total

US$ US$ US$ US$Financial assets at fair value through profit or loss:Equities and managed funds

Equity securities 105,887,595 - - 105,887,595 Collective investment schemes 2,041,354 - - 2,041,354

Total equities and managed funds 107,928,949 - - 107,928,949

Derivatives Forward currency contracts - 1,310,445 - 1,310,445 Contracts for difference - unfunded - 1,297,820 - 1,297,820 Future contracts 8,378 - - 8,378

Total derivatives 8,378 2,608,265 - 2,616,643

Total financial assets at fair value throughprofit or loss 107,937,327 2,608,265 - 110,545,592

Financial liabilities at fair value through profitor loss:Equities and managed funds

Equity securities (245,902) - - (245,902)Total equities and managed funds (245,902) - - (245,902)

Derivatives Forward currency contracts - (778,577) - (778,577) Contracts for difference - unfunded - (447,211) - (447,211)

Total derivatives - (1,225,788) - (1,225,788)

Total financial assets at fair value throughprofit or loss (245,902) (1,225,788) - (1,471,690)


52


31 December 2012 Level 1 Level 2 Level 3 TotalUS$ US$ US$ US$

Financial assets at fair value through profit or loss:Equities and managed funds

Equity securities 103,338,956 - - 103,338,956 Collective investment schemes 1,884,821 - - 1,884,821


DerivativesContracts for difference- unfunded 2,019,584 - 2,019,584 Forward currency contracts - 1,555,937 - 1,555,937

Total derivatives - 3,575,521 - 3,575,521


Financial liabilities at fair value through profitor loss:Derivatives

Forward currency contracts - (683,998) - (683,998)Contracts for difference-unfunded - (276,735) - (276,735)

Total derivatives - (960,733) - (960,733)

Total financial assets at fair value throughprofit or loss - (960,733) - (960,733)


53


GLG Global Convertible UCITS30 June 2013 Level 1 Level 2 Level 3 Total


Warrants 1,954,016 5,216,321 - 7,170,337 Equity securities 4,707,924 - - 4,707,924 Preferred stocks 3,250,617 - - 3,250,617

Total equities and managed funds 9,912,557 5,216,321 - 15,128,878

Interest bearing securitiesConvertible bonds - 281,722,412 5,058,229 286,780,641 Corporate bonds - 8,828,105 - 8,828,105

Total interest bearing securities - 290,550,517 5,058,229 295,608,746

DerivativesForward currency contracts - 2,806,011 - 2,806,011 Contracts for difference - unfunded - - 338,027 338,027 ASCOTs - 328,895 - 328,895 Future contracts 295,313 - - 295,313 Options 57,375 - - 57,375 Credit default swaps - 55,288 - 55,288

Total derivatives 352,688 3,190,194 338,027 3,880,909

Total financial assets at fair value throughprofit or loss 10,265,245 298,957,032 5,396,256 314,618,533


Contracts for difference - unfunded - (3,380,271) (86,167) (3,466,438)Forward currency contracts - (1,654,586) - (1,654,586)Credit default swaps - (231,096) - (231,096)Future contracts (42,400) - - (42,400)

Total derivatives (42,400) (5,265,953) (86,167) (5,394,520)

Total financial assets at fair value throughprofit or loss (42,400) (5,265,953) (86,167) (5,394,520)


54

4. Fair Value of Financial Instruments (continued) GLG Global Convertible UCITS (continued)31 December 2012 Level 1 Level 2 Level 3 Total


Equity securities 10,833,415 - - 10,833,415 Preferred stocks 3,111,713 2,900 - 3,114,613 Warrants - 2,472,113 432,974 2,905,087

Total equities and managed funds 13,945,128 2,475,013 432,974 16,853,115

Interest bearing securitiesConvertible bonds - 299,413,885 6,536,855 305,950,740

Total interest bearing securities - 299,413,885 6,536,855 305,950,740

DerivativesForward currency contracts - 1,457,268 - 1,457,268 Contracts for difference - unfunded - 514,812 338,027 852,839 Options 48,813 686,418 - 735,231 Credit default swaps - 220,572 - 220,572 Future contracts 187,544 - - 187,544 ASCOTs - 73,200 - 73,200

Total derivatives 236,357 2,952,270 338,027 3,526,654

Total financial assets at fair value throughprofit or loss 14,181,485 304,841,168 7,307,856 326,330,509


Contracts for difference - unfunded - (1,504,661) - (1,504,661)Forward currency contracts - (2,503,055) - (2,503,055)Credit default swaps - (35,501) - (35,501)Future contracts (76,000) - - (76,000)

Total derivatives (76,000) (4,043,217) - (4,119,217)

Total financial assets at fair value throughprofit or loss (76,000) (4,043,217) - (4,119,217)


55

4. Fair Value of Financial Instruments (continued) GLG European Equity30 June 2013 Level 1 Level 2 Level 3 Total

€ € € €Financial assets at fair value through profit or loss:Equities and managed funds Equity securities 16,713,973 - - 16,713,973 Total equities and managed funds 16,713,973 - - 16,713,973

Derivatives Contracts for difference - unfunded - 180,792 - 180,792 Forward currency contracts - 75,499 - 75,499 Future contracts 1,744 - - 1,744 Total derivatives 1,744 256,291 - 258,035

Total financial assets at fair value throughprofit or loss 16,715,717 256,291 - 16,972,008

Financial liabilities at fair value through profitor loss:Derivatives Contracts for difference-unfunded - (639,819) - (639,819) Forward currency contracts - (220,238) - (220,238) Total derivatives - (860,057) - (860,057)


GLG European Equity31 December 2012 Level 1 Level 2 Level 3 Total

€ € € €Financial assets at fair value through profit or loss:Equities and managed funds

Equity securities 7,933,246 - - 7,933,246 Total equities and managed funds 7,933,246 - - 7,933,246

DerivativesContracts for difference - unfunded - 630,845 - 630,845 Forward currency contracts - 23,028 - 23,028 Future contracts 300 - - 300

Total derivatives 300 653,873 - 654,173



Contracts for difference - unfunded - (95,047) - (95,047)Forward currency contracts - (79,506) - (79,506)




56

4. Fair Value of Financial Instruments (continued) GLG Global Sustainability Equity30 June 2013 Level 1 Level 2 Level 3 Total



DerivativesForward currency contracts - 66,843 - 66,843 Contracts for difference - unfunded - 46,997 - 46,997

Total derivatives - 113,840 - 113,840



Forward currency contracts - 633,875 - 633,875 Contracts for difference - unfunded - 98,393 - 98,393


Total financial assets at fair value throughprofit or loss - 732,268 - 732,268

GLG Global Sustainability Equity31 December 2012 Level 1 Level 2 Level 3 Total



DerivativesForward currency contracts - 341,967 - 341,967 Contracts for difference - unfunded - 189,374 - 189,374




Forward currency contracts - (122,306) - (122,306)Contracts for difference - unfunded - (11,749) - (11,749)




57

4. Fair Value of Financial Instruments (continued) GLG Japan CoreAlpha Equity30 June 2013 Level 1 Level 2 Level 3 Total

¥ ¥ ¥ ¥Financial assets at fair value through profit or loss:Equities and managed funds

Equity securities 226,280,481,026 - - 226,280,481,026 Total equities and managed funds 226,280,481,026 - - 226,280,481,026

DerivativesForward currency contracts - 336,387,070 - 336,387,070

Total derivatives - 336,387,070 - 336,387,070

Total financial assets at fair value through profit or loss 226,280,481,026 336,387,070 - 226,616,868,096

Financial liabilities at fair value through profit or loss:Derivatives

Forward currency contracts - (122,506,074) - (122,506,074)Total derivatives - (122,506,074) - (122,506,074)

Total financial assets at fair value through profit or loss - (122,506,074) - (122,506,074)

GLG Japan CoreAlpha Equity31 December 2012 Level 1 Level 2 Level 3 Total

¥ ¥ ¥ ¥Financial assets at fair value through profit or loss:Equities and managed funds

Equity securities 129,559,023,052 - - 129,559,023,052 Total equities and managed funds 129,559,023,052 - - 129,559,023,052

DerivativesForward currency contracts - 4,683,060,939 - 4,683,060,939

Total derivatives - 4,683,060,939 - 4,683,060,939

Total financial assets at fair value through profit or loss 129,559,023,052 4,683,060,939 - 134,242,083,991

Financial liabilities at fair value through profit or loss:Derivatives

Forward currency contracts - (96,830,791) - (96,830,791)Total derivatives - (96,830,791) - (96,830,791)

Total financial assets at fair value through profit or loss - (96,830,791) - (96,830,791)


58


GLG Global Emerging Markets Equity30 June 2013 Level 1 Level 2 Level 3 Total


Equity securities 10,175,796 - - 10,175,796 Preferred stocks 349,807 - - 349,807


DerivativesForward currency contracts - 33,730 - 33,730 Total return swaps 3,678 - - 3,678

Total derivatives 3,678 33,730 - 37,408



Forward currency contracts - (246,207) - (246,207)Total return swaps (196,928) - - (196,928)

Total derivatives (196,928) (246,207) - (443,135)

Total financial assets at fair value throughprofit or loss (196,928) (246,207) - (443,135)

GLG Global Emerging Markets Equity31 December 2012 Level 1 Level 2 Level 3 Total


Equity securities 25,270,764 - - 25,270,764 Preferred stocks 2,100,110 - - 2,100,110 Warrants - 1,305,874 - 1,305,874

Total equities and managed funds 27,370,874 1,305,874 - 28,676,748

DerivativesForward currency contracts - 518,062 - 518,062 Total return swaps - 106,835 - 106,835




Total return swaps - (13,329) - (13,329) Forward currency contracts - (26,935) - (26,935)




59

4. Fair Value of Financial Instruments (continued) GLG MENA Equity30 June 2013 Level 1 Level 2 Level 3 Total

€ € € €Financial assets at fair value through profit or loss:Equities and managed funds Equity securities 14,605,944 - - 14,605,944 Total equities and managed funds 14,605,944 - - 14,605,944

Derivatives Forward currency contracts - 3,179 - 3,179 Total derivatives - 3,179 - 3,179


Financial liabilities at fair value through profitor loss:Derivatives Forward currency contracts - (211,799) - (211,799) Total derivatives - (211,799) - (211,799)


The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013.

GLG Global Investment Grade Bond30 June 2013 Level 1 Level 2 Level 3 Total

US$ US$ US$ US$

Financial assets at fair value through profit or loss:Interest bearing securities

Corporate bonds 18,083,825 18,083,825 Total interest bearing securities - 18,083,825 - 18,083,825

DerivativesForward currency contracts 335,235 335,235


Total financial assets at fair value throughprofit or loss - 18,419,060 - 18,419,060


Forward currency contracts (5,657) (5,657)Total derivatives - (5,657) - (5,657)


The Portfolio commenced its operations on 7 January 2013 and as such there are no comparatives presented for 31 December 2012.


60

4. Fair Value of Financial Instruments (continued) The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the reporting period (there were no significant transfers between levels 1 and 2):

GLG Global Convertible UCITSEquities and Interest bearing Derivative

30 June 2013 managed funds securities instruments TotalUS$ US$ US$ US$

Financial assets at fair value through profit or loss:Opening balance 432,974 6,536,855 338,027 7,307,856 Total gains and losses- realised - (284,486) - (284,486) - unrealised - - - - Purchases - - - - Sales - (574,969) - (574,969) Transfers into Level 3 - - (86,167) (86,167) Transfers out of Level 3 (432,974) (619,171) - (1,052,145) Closing Balance - 5,058,229 251,860 5,310,089

GLG Global Convertible UCITS

Equities and Interest bearing Derivative31 December 2012 managed funds securities instruments Total

US$ US$ US$ US$Financial assets at fair value through profit or loss:Opening balance - 237,760 - 237,760 Total gains and losses- realised - - - - - unrealised - - - - Purchases - - - - Sales - - - - Transfers into Level 3 432,974 6,299,095 338,027 7,070,096 Transfers out of Level 3 - - - - Closing Balance 432,974 6,536,855 338,027 7,307,856

GLG European EquityEquities and Interest bearing Derivative

31 December 2012 managed funds securities instruments Total€ € € €

Financial assets at fair value through profit or loss:Opening balance 131,600 79,705 - 211,305 Total gains and losses - - realised (2,622,014) (34,159) - (2,656,173) - unrealised 2,622,014 34,159 - 2,656,173 Purchases - Sales (131,600) (79,705) - (211,305) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Closing Balance - - - -


61

5. Management, Performance, Administration, Custody and Distribution Fees The Fund has appointed GLG Partners Asset Management Limited (the “Manager”) as manager of the Fund. The Manager has delegated its administration and share registration functions to BNY Mellon Fund Services (Ireland) Limited (the “Administrator”), and its investment management and distribution functions to GLG Partners LP (the “Investment Manager” and the “Distributor”). The Manager receives management fees of 0.75%, 1%, 1.25%, 1.5% and 2.25% per annum of the average Net Asset Value of each of the Portfolios by class of shares as per the table below:

0.5% 0.75% 1% 1.25% 1.5% 2.25% GLG Balanced - - - - D USD -

GLG Capital Appreciation - - - - D USD -

GLG Global Equity -

I USD, I H EUR, I EUR, I GBP, I H CHF, I DKK, I NOK, I SEK, I H GBP, I USD Dist, I H GBP Dist

and I H EUR Dist - -

D USD, D H EUR, D H T GBP, D H CHF, D DKK, DH DKK, D NOK,

D H NOK, D SEK, D H SEK, D USD Dist, D H GBP Dist and D H

EUR Dist DY H EUR, DY H EUR Dist

GLG Global Convertible UCITS - -

IL USD, IL H GBP, IL H JPY, IL H EUR, IM USD, IM H

EUR,IM H GBP, IL H GBP Dist, and IM H GBP Dist - -

DL USD, DL H JPY, DL H EUR, DL H GBP Dist, DL H

GBP Inc and DL H GBP

GLG European Equity - I EUR. I H USD, I USD, I H GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D EUR, D H T GBP, D H CHF, D DKK, D H DKK, D

NOK, D H NOK, D SEK and D H SEK DY EUR, DY EUR Dist

GLG North American Equity - - - - D USD

GLG Japan CoreAlpha Equity -

I H USD, I H EUR, I JPY, I H GBP, I USD, I EUR, I GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D H EUR, D JPY, D H GBP, D GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D

SEK and D H SEK -

GLG UK Select Equity - I H EUR D H EUR, D H USD, and D

GBP - -

GLG Global Sustainability Equity - I H USD, I EUR, I H GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D EUR, D H GBP, D H CHF, D DKK, D H DKK, D

NOK, D H NOK, D SEK and D H SEK -


62

5. Management, Performance, Administration, Custody and Distribution Fees (continued) 0.5% 0.75% 1% 1.25% 1.5% 2.25%

GLG Global Emerging Markets Equity -

I USD, I EUR, I H EUR, I H GBP, I H CHF, I DKK, I NOK, I SEK and I

H AUD - -

D USD, D H EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D H SEK -

GLG MENA Equity - I USD, I H EUR, I H GBP and I H

CHF - D USD, D H EUR, D H GBP and

D H CHF

GLG Emerging Asia Equity - I USD, I H EUR, I H GBP and I H

CHF - - D USD, D H EUR, D H GBP and

D H CHF -

GLG Emerging Europe Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Frontier Markets Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Latin American Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Global Investment Grade Bond

I USD, I USD Dist, I H EUR, I EUR, I H EUR

Dist, I H GBP, I GBP, I H CHF, I CHF, I H

CHF Dist, I H NOK, I NOK, I H SEK, I SEK, I H DKK, I DKK, I H JPY

and I JPY - -

D USD, D USD Dist, D H EUR, D EUR, D H EUR Dist, D H GBP, D

GBP, D H CHF. D CHF, D H CHF Dist, D H NOK, D NOK, D H

SEK, D SEK, D H DKK, D DKK, D H JPY and D JPY - -

The Manager only receives a performance fee for each of the Share Classes of GLG Global Convertible UCITS (except for Class I M USD, I M H EUR, I M H GBP, I M H GBP Inc, I L H GBP Dist and I M H GBP Dist) calculated as an amount equal to 20% of the aggregate appreciation in value on each investor’s relevant Shares over the amount of the investors’ benchmark return for those Shares (which is based on a 3 month LIBOR/EURIBOR rate of the functional currency of the relevant Share Class of each Portfolio). Such performance fees are only payable in respect of Shares for which the Net Asset Value per Share is over and above its high watermark at the end of the performance year. The Manager receives a performance fee for the Class IM USD Shares, Class IM H EUR Shares, Class IM H GBP Shares, I L H GBP Dist Shares and I M H GBP Dist Shares of the Global Convertible UCITS equal to 20% of the aggregate appreciation in value on each investor’s Shares in the aforementioned classes over the amount of the investor’s benchmark for those Shares (which is based on the Global Focus Hedged Sub-Index of the UBS Global Convertible Bond Index) provided that any such appreciation is limited by the amount by which such benchmark has appreciated over the same performance year (see the Fund’s Prospectus for more detail).


63

5. Management, Performance, Administration, Custody and Distribution Fees (continued) The Manager pays the fees of the Investment Manager and the Distributor. The Manager may also receive distribution fees, up-front sales charges and contingent deferred sales charges as detailed in note 5. The Fund is subject to an administration fee in respect of each Portfolio in relation to administration services provided by the Administrator and the Investment Manager. The administration fee is an amount which may not exceed 0.30% per annum of the Net Asset Value of the relevant Portfolio. The amount paid to each of the Administrator and Investment Manager is determined between the parties from time to time. The Investment Manager receives only the portion of the administration fee relating to the administrative support services it provides pursuant to the Administrative Services Agreement. Part of the administration fee is paid by the Fund to the Manager (for on-payment to the Administrator) monthly in arrears and the remainder is paid by the Fund to the Investment Manager. The Fund also reimburses the Manager out of the assets of the Fund for reasonable out-of-pocket expenses incurred by the Administrator and the Investment Manager. The Manager is responsible for reimbursing the Administrator and the Investment Manager for these expenses. The Fund pays the Custodian a custody fee which will not exceed 0.04% per annum of the Net Asset Value of the relevant Portfolio together with value added tax, if any, applicable to such fees. The Fund also reimburses the Custodian out of the assets of the relevant Portfolio for reasonable out-of-pocket expenses and transaction fees incurred by the Custodian and for fees (which will not exceed normal commercial rates) and reasonable out of pocket expenses of any sub-custodian appointed by the Custodian and will be liable for transaction charges. The fee and expenses of the Custodian are paid monthly in arrears. Details of custody and administration fees incurred by the Fund during the period are shown in the Statement of Operations on pages 26 to 31.

6. Derivative Contracts As part of its portfolio management techniques, the Fund may use exchange-traded futures to maintain the appropriate exposure to stock markets in accordance with the Investment Manager’s recommended overall asset allocation. Futures are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date of a specified instrument, at a specified price or yield. Gains and losses on futures are recorded by the Fund based upon market fluctuations and are recorded as realised or unrealised gains or losses. The Fund may also use forward currency contracts to economically hedge its non-functional currency liability to Shareholders, (although formal hedge accounting is not used). Forward currency contracts entered into by the Fund represent a firm commitment to buy or sell an underlying asset, or currency at a specified value and point in time based upon an agreed or contracted quantity. The realised/unrealised gain or loss is equal to the difference between the value of the contract at the commencement and the value of the contract at settlement date/year end date and are included in the Statement of Operations. The Fund may invest in option contracts. An option contract gives the owner the right, but not the obligation, to buy (“call option”) or to sell (“put option”) a specified item at a fixed price during a specified year for a non refundable fee (“premium”). The maximum loss to a buyer of an option is the loss of the premium. The writer of a call option has to bear the risk of an unfavourable change in the value underlying the option and, unless an offsetting long position is owned, the theoretical loss is unlimited. The loss to the writer of a put option is limited to the exercise price of the option, versus the premium collected on its sale. Option contracts are held at fair value with reference to quoted market prices, when available, or based on pricing models that consider the time value of money, volatility and the current market and contractual prices of the underlying financial instruments. The Fund may also hold investment positions through total return swaps, to reduce its long-term exposure to market risk and credit risk, details of which are shown in the Portfolio Statements. Total return swaps are contracts in which the Fund pays or receives a series of cash flows based upon the total return of a specified asset in return for paying or receiving, respectively, a fixed or floating rate of interest based upon that same specified asset. Credit default swaps are contracts in which the Fund pays or receives an interest flow in return for the counterparty accepting or selling all or part of the risk of default or failure to pay of a reference entity on which the swap is written. Where the Fund has bought protection, the maximum potential loss is the value of the interest flows the Fund is contracted to pay until maturity of the contract. Where the Fund has sold protection, the maximum potential loss is the nominal value of the protection sold. An ASCOT, or Asset Swapped Convertible Option Transaction, is an option on a convertible bond that is used to separate a convertible bond into its two components: a bond and an option to acquire stock. When the bond is stripped of its conversion feature, the holder has a bond featuring fairly stable returns on debt, and a volatile, but potentially very valuable, option. An unfunded CFD is an agreement between the Fund and third party which allows the Fund to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into an unfunded CFD, the Fund is required to deposit with a broker an initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Fund depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the Fund recognises a realised gain or loss when the contract is closed. CFDs are similar to total return swaps, but are more standardized and primarily used in the UK and Ireland.


64

7. Redeemable Participating Shares The Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. A Share can be redeemed at any Dealing Day for cash equal to a proportionate share of the Fund’s Net Asset Value. A Share is carried at the redemption amount that is payable at the Statement of Assets and Liabilities date if the Shareholder exercised its right to redeem the Share. The authorised share capital of the Fund is €38,092.14 divided into 30,000 Subscriber Shares of €1.269 each and 500,000,000,000 Shares of no par value initially designated as unclassified Shares. The Directors are empowered to issue up to 500,000,000,000 Shares of no par value designated as Shares of any series or class on such terms as they think fit. The Subscriber Shares were fully issued when the Fund was launched. They entitle the holders to attend and vote at general meetings of the Fund but do not entitle the holders to participate in the profits or assets of the Fund except for a return of capital on a winding-up. The Subscriber Share capital is beneficially held by or on behalf of the Manager. All issued Shares are fully paid. The Fund’s capital is represented by these shares with no par value and with each carrying one vote. They are entitled to dividends and to payment of a proportionate share based on the Fund’s Net Asset Value per Share on the redemption date. The Directors have determined that as of 3 May 2005, the following Share Classes are closed to further subscriptions: Class I USD Shares, Class DL H USD Shares, Class I H EUR Shares, Class DL H EUR Shares, Class IL H EUR Shares in each Portfolio; Class D USD Shares and Class D H EUR Shares in GLG Balanced, GLG Capital Appreciation, GLG Global Equity and GLG Global Bond; Class D H EUR2 Shares in GLG Capital Appreciation and GLG Global Equity; and Class DL H EUR Shares in GLG Global Convertible UCITS. Investors may be subject to an upfront sales charge of up to 5% of their proposed subscription, payable to the Manager in respect of any subscription for any Class of Shares. As a result of the ability to issue, repurchase and resell Shares, the capital of the Fund can vary depending on the demand for the redemptions and subscription to the Fund. The Fund is not subject to externally imposed capital requirements and has no restrictions on the issue, repurchase or resale of the Shares The Fund’s objectives for managing capital are: To invest the capital in investments meeting the description and risk indicated in the Prospectus. To seek to maintain sufficient liquidity to meet the expenses of the Fund, and to meet redemption requests as they arise. Refer to ‘Risk Associated with Financial Instruments’ (note 9) for the policies and processes applied by the Fund in managing its capital and its obligation to repurchase the Shares.

8. Related Party Transactions Michael Jackson is a director of the Manager and is a partner in Matheson, legal advisers to the Fund. Victoria Parry is a director of the Manager of the Fund and she was the Global Head of Product Legal for Man Group plc until 30 April 2013. John Morton is the Head of UCITS and GLG Products within the Legal Department of Man Group Plc. John Walley is a Director of Man Corporate Services (Ireland) Limited, an indirect wholly-owned subsidiary of Man Group. During the period Aniello Bianco, Alun Davies, Michael Jackson and Gerald O’Mahony earned Directors’ fees of €4,000 each. Victoria Parry elected to waive her right to a Directors’ fee for the period to 30 April 2013, as during that time she was the Global Head of Product Legal for Man Group plc. John Morton has elected to waive his Directors’ fee as he is the Head of UCITS and GLG Products within the Legal Department of Man Group Plc. During the period fees of €155,512 were paid to Matheson, Legal Advisers to the Fund. The Manager, GLG Partners Asset Management Limited, receives fees as outlined in note 5.

9. Risks Associated with Financial Instruments In pursuing their investment objectives referred to in note 1, each of the Portfolios invests in transferable securities which expose the Portfolios to varying risks including market, credit/counterparty and liquidity risks. A description of the specific risks and the policies for managing these risks is included below. Further detail of risks that the Portfolios are exposed to is disclosed in the Prospectus. Fair value is determined in accordance with Accounting Policy note 2(f). The Portfolio Statements of the Fund at the period end on pages 68 to 107 are representative of the type of investments held during the period. (a) Market price risk Market risk can include equity risk, commodity risk, interest rate risk, credit spread risk, volatility and foreign currency risk. The Portfolio’s exposure to these factors is measured and monitored using Monte Carlo Value at Risk.

(i) Interest rate risk A Portfolio of the Fund may hold investments in fixed interest bearing securities. Any change to the interest rate for particular securities may result in income either increasing or decreasing. Prices of securities held will be impacted by domestic rates of interest. The Fund’s performance, therefore, will depend in part on its ability to anticipate and respond to such fluctuations in market interest rates, and to utilise appropriate strategies to maximise returns to the Portfolios, whilst attempting to minimise the associated risks to its investment capital.


65

9. Risks Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk Foreign currency risk exists where assets and liabilities are denominated in currencies other than the functional currency, and also on non-functional currency redeemable participating shares. The Fund uses forward currency contracts for the purpose of economically hedging its foreign currency risk exposure. Details of forward currency contracts at the period end are disclosed in the Portfolio Statements attached to these financial statements.

(iii) Other price risk Other price risks arise mainly from uncertainty about future prices of financial instruments held. They represent the potential loss the Fund might suffer through holding market positions in the face of price movements caused by factors specific to the individual investment or factors affecting all instruments traded in the market.

(b) Credit/counterparty risk The Fund is exposed to credit/counterparty risk on parties with whom it trades and bears the risk of settlement default. Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. For example, it represents the financial risk associated with a security issuer (either government or corporate) failing to discharge an obligation or commitment, or filing for bankruptcy. The Fund seeks to reduce concentrations of credit risk by undertaking transactions with several customers and counterparties on recognised and reputable exchanges. The Fund only buys and sells investments through brokers which have been approved by the Investment Manager as an acceptable counterparty. Financial assets which potentially expose the Fund to counterparty credit risk consist principally of investments in cash balances and deposits with and receivables from brokers and other receivables. The extent of the Fund’s exposure to counterparty credit risk in respect of these financial assets approximates their carrying value as recorded in the Fund’s Statement of Assets and Liabilities. In addition, where the Fund borrows cash to finance leveraged investments, additional collateral is lodged with the counterparty to provide them with security for potential adverse movements in the collateral. Whilst most finance providers afford some segregated protection for this collateral, this facility may not always be available to the Fund, and consequently can expose the Fund to the creditworthiness of the Counterparty. Credit risk also arising on transactions with brokers relates to transactions awaiting settlement. Risks relating to unsettled transactions are considered small due to the short settlement period involved and the high credit quality of the brokers used. Broker balances are primarily due from large reputable institutions and are, thus, considered at minimal risk for default. As delivery versus payment is the standard procedure for trade settlements, there is no significant credit risk arising from transactions settlements. As at 30 June 2013, the majority of the Fund's assets were held with The Bank of New York Mellon (London), The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, Nomura, Citi and Goldman Sachs International. Each of these counterparties is considered by the Fund to be a highly rated and reputable institution and, thus, the credit risk exposure is considered to not be significant. (c) Liquidity risk Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or redeem its Shares earlier than expected. The Fund is exposed to cash redemptions of its Shares on a regular basis. Shares are redeemable at the holder’s option based on the Fund’s Net Asset Value per Share at the time of redemption calculated in accordance with the Fund’s Prospectus. The Fund manages its obligation to repurchase the Shares when required to do so and its overall liquidity risk by:

Allowing for redemptions during each business day of each calendar month. Requiring a 1 day notice period before redemptions.

The Fund’s policy is to satisfy redemption requests typically by any one of the following means or as may otherwise be provided in the Fund’s Prospectus:

Withdrawal of cash deposits. Disposal of assets.

The Fund invests primarily in market securities and other financial instruments, which under normal market conditions are readily convertible to cash. In addition, the Fund’s policy is to maintain sufficient cash and cash equivalents to meet the normal operating requirements and expected redemption requests. (d) Option writing As a writer of options, the Fund receives a premium at the outset and then bears the risk of unfavourable changes in the price of the financial instrument underlying the option. As a result of writing option contracts, the Fund is obligated to purchase or sell, at the holder’s option, the underlying financial instrument at a fixed price which may differ from the prevailing market price at that date. Writing options may incur losses which greatly exceed the premium income owned.


66

9. Risks Associated with Financial Instruments (continued) (e) Securities sold short Securities sold short are those in which a security is sold that the Fund does not own in anticipation of a decline in the market value of the security. The Fund’s risk is that the value of the security will increase rather than decrease. Consequently, the settlement amount of the liability for securities sold short may exceed the amount recorded in the statement of financial position, as the Fund is obligated to purchase the security in the market at prevailing prices to settle its obligations.

10. Cash and Cash Equivalents and Due from/to Brokers All cash balances at the period end were held at The Bank of New York Mellon (London branch). The due from brokers and due to broker balances were held with The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, JP Morgan Clearing Corp, Deutsche Bank AG and Goldman Sachs International. These includes amounts transferred as collateral against open futures and forward contracts and other derivatives. Amounts receivable from short sales and collateral may be restricted in whole or in part until the related securities are purchased. To the extent that securities are purchased on margin, the margin debt may be secured on the related securities.

11. Exchange Rates The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Global Equity, GLG Global Convertible UCITS, GLG Emerging Europe Equity, GLG Global Emerging Markets Equity and GLG Global Investment Grade Bond at 30 June 2013: US$1 = AUD1.09248 US$1 = HUF226.59155 US$1 = £0.65933 US$1 = CAD1.05495 US$1 = ILS3.64035 US$1 = SEK6.749450 US$1 = CHF0.94615 US$1 = JPY99.335000 US$1 = SGD1.26830 US$1 = CNY6.13760 US$1 = KWD0.28525 US$1 = THB31.01500 US$1 = DKK5.73815 US$1 = MYR3.15950 US$1 = ZAR9.92720 US$1 = €0.76932 US$1 = NOK6.10605 US$1 = HKD.75635 US$1 = PHP43.20000 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 30 June 2013: €1 = CHF1.22985 €1 = ILS4.73191 €1 = SEK8.77327 €1 = CZK25.97495 €1 = JPY129.12052 €1 = US$1.29985 €1 = DKK7.45873 €1 = NOK7.93694 €1 = HKD10.08209 €1 = £0.85702 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Japan CoreAlpha Equity at 30 June 2013:

JPY1 = CHF0.00952 JPY1 = €0.00774 JPY1 = US$0.01006 JPY1 = DKK0.05776 JPY1 = £0.00663 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG North American Equity, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Global Emerging Markets Equity and GLG Latin American Equity at 31 December 2012: US$1 = AUD0.96321 US$1 = HUF220.88525 US$1 = £0.61520 US$1 = CAD0.99570 US$1 = ILS3.73110 US$1 = SEK6.50545 US$1 = CHF0.91535 US$1 = JPY86.46500 US$1 = SGD1.221500 US$1 = CNY6.23030 US$1 = KWD0.28120 US$1 = THB30.59000 US$1 = DKK5.65910 US$1 = MYR3.05800 US$1 = ZAR8.48440 US$1 = €0.75850 US$1 = NOK5.56525 US$1 = HKD7.75085 US$1 = PHP41.06250 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 31 December 2012: €1 = CHF1.20680 €1 = ILS4.91908 €1 = SEK8.57679 €1 = CZK25.09555 €1 = JPY113.99548 €1 = US$1.31840 €1 = DKK7.46096 €1 = NOK7.33723 €1 = HKD10.21872 €1 = £0.81107


67

11. Exchange Rates (continued) The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Japan CoreAlpha Equity at 31 December 2012:

JPY1 = CHF0.01058 JPY1 = €0.00877 JPY1 = US$0.01156 JPY1 = DKK0.06544 JPY1 = £0.00711

12. Segregation of Liabilities between Portfolios At an Extraordinary General Meeting held on 22 May 2007, the Fund availed of the provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 to segregate liabilities between each Portfolio. The Fund will not be liable as a whole to third parties for the liability of each Portfolio.

13. Securities Owned and Securities Sold, Not Yet Purchased Possession of securities owned is maintained by major multinational broker-dealers as at 30 June 2013. Securities sold, not yet purchased represent obligations of the Fund to purchase the securities at prevailing market prices. The future satisfaction of such obligations may be for an amount greater than the amount recorded.

14. Use of Dealing Commission The Investment Manager has entered into arrangements with the brokerage houses from which the Fund derives benefit. These commission sharing agreements are in conformity with the rules of the Investment Manager’s regulator, the UK’s Financial Services Authority.

15. Transaction Costs For the period ended 30 June 2013, the Fund incurred transaction costs, disclosed in the Statement of Operations as part of net gain/(loss) on financial assets and liabilities at fair value through profit or loss, as follows:

30 June 2013 31 December 2012

GLG Global Equity US$417,415 US$530,147

GLG Global Convertible UCITS US$29,477 US$35,965

GLG European Equity €47,131 €94,250

GLG Global Sustainability Equity €79,863 €142,045

GLG Japan CoreAlpha Equity ¥4,188,451,624 ¥203,553,692

GLG Emerging Asia Equity - US$5,224

GLG Emerging Europe Equity - US$18,954

GLG Frontier Markets Equity - US$40,401

GLG Global Emerging Markets Equity US$26,869 US$36,832

GLG MENA Equity US$27,586 US$45,593

GLG Global Investment Grade Bond - -

GLG Latin American Equity - US$7,814

16. Significant Events During the Period Board of Directors With effect from 30 June 2013, Mr Aniello Bianco, Mr Alun Davies and Mr Gerard O’Mahony resigned as directors of the Fund. Mr John Morton and Mr John Walley were appointed as directors of the Fund on 6 June 2013 and on 24 May 2013 respectively. Prospectus A new Prospectus was issued on 18 February 2013 (the “Prospectus”). The amendments to the Prospectus reflected an amendment of the same date to the Administrative Services Agreement to permit the delegation of such services, updates to the minimum initial subscription, minimum incremental subscription and minimum on-going shareholding for certain un-launched share classes, updates to certain bank account details and other minor amendments. Portfolios GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. GLG MENA Equity was fully redeemed on 13 November 2012 and it was re-launched on 8 May 2013.


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16. Significant Events During the Period (continued) Share Classes The following new Share Classes of GLG Global Investment Grade Bond have been launched and listed on the Irish Stock Exchange on 8 January 2013: Class D USD and Class I USD.

De-listing of Share Classes All the Share Classes of GLG Emerging Asia Equity and GLG MENA Equity were delisted with effect from 9 January 2013. Share Class I H GBP of GLG Frontier Markets Equity has been delisted with effect from 10 January 2013.

17. Important Events Since the period End There were no important events since the period end.

18. Contingent Liabilities and Commitments There were no contingent liabilities or commitments other than those already disclosed in these financial statements as at 30 June 2013.

19. Reclassification of Prior Year Comparative Figure Certain prior year/period comparatives have been reclassified to conform to the current period presentation.

20. Approval of Financial Statements The Directors approved these unaudited financial statements on 28 August 2013.

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Equity

69

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of

US$ Net Assets

Collective investment scheme

Japan

61,773 Nomura TOPIX Exchange Traded Fund 726,339 0.55

United States

44,698 SPDR S&P Homebuilders ETF 1,315,015 1.00

Total collective investment scheme 2,041,354 1.55

Contracts for difference (b)

France

49,670 Carrefour SA 118,102 0.09

51,865 EDF Energy 118,686 0.09

16,410 Safran SA 271,889 0.21

9,993 Sanofi 17,964 0.01

32,000 European Aeronautic Defense and Space Company NV 451,731 0.35

978,372 0.75

Jersey

113,211 Experian Plc 88,455 0.07

39,615 Shire Plc 45,033 0.03

133,488 0.10

United Kingdom

50,503 ARM Holdings Plc 164,608 0.13

1,391,136 Lloyds Banking Group Plc 15,064 0.01

22,237 Tate & Lyle Plc 6,288 0.00

185,960 0.14

Total contracts for difference 1,297,820 0.99

Equities

Canada

30,931 Canadian Pacific Railway Limited 3,754,405 2.86

Cayman Islands

250,686 Sands China Limited 1,181,300 0.90

1 Melco Crown Entertainment Limited 22 0.00

1,181,322 0.90

Denmark

107,218 GN Store Nord A/S 2,023,598 1.54

Germany

266,889 Infineon Technologies AG 2,230,668 1.70

87,281 Rhoen Klinikum AG 2,010,373 1.53

4,241,041 3.23

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Equity (continued)

70

Financial assets at fair value through profit or loss (continued)


US$ Net Assets

Equities (continued)

Hong Kong

320,373 AIA Group Limited 1,356,856 1.03

Japan

67,107 Honda Motor Company Limited 2,489,448 1.89

195,619 Mitsubishi UFJ Financial Group Inc 1,205,203 0.92

265,190 Obayashi Corporation 1,374,871 1.05

52,788 Seven & I Holdings Company Limited 1,926,375 1.47

368,632 Shimizu Corporation 1,480,688 1.13

165,298 T&D Holdings Inc 2,219,837 1.69

386,605 Toray Industries Inc 2,498,620 1.91

61,399 Toyo Suisan Kaisha Limited 2,039,731 1.56

28,986 Toyota Motor Corporation 1,747,885 1.33

16,982,658 12.95

Netherlands

12,385 ASML Holding NV 975,900 0.74

149,592 ING Groep NV 1,361,130 1.04

43,031 Koninklijke Vopak NV 2,535,202 1.93

68,606 QIAGEN NV 1,346,134 1.03

6,218,366 4.74

Russia

43,960 Mail.ru Group Limited 1,259,894 0.97

Singapore

634,034 Global Logistic Properties Limited 1,374,748 1.06

Sweden

65,932 Assa Abloy AB 2,567,162 1.96

76,303 Electrolux AB 1,915,079 1.46

71,918 Nordea Bank AB 799,154 0.61

78,592 Svenska Cellulosa AB 1,959,720 1.49

7,241,115 5.52

Switzerland

17,541 Novartis AG 1,243,990 0.95

116,155 UBS AG 1,974,076 1.50

3,218,066 2.45


71



US$ Net Assets


United Kingdom

58,221 ARM Holdings Plc 702,015 0.54

United States

48,094 Advance Auto Parts Inc 3,903,790 2.98

94,850 American Water Works Company Inc 3,910,666 2.99

17,333 Ashland Inc 1,447,306 1.10

26,124 Autoliv Inc 2,024,291 1.54

177,349 Bank of America Corporation 2,280,708 1.74

75,128 Cheniere Energy Inc 2,085,553 1.59

69,427 Citigroup Inc 3,330,413 2.54

86,272 Discover Financial Services 4,109,998 3.13

56,693 eBay Inc 2,932,162 2.24

74,505 Foot Locker Inc 2,617,361 2.00

39,699 General Mills Inc 1,926,592 1.47

33,936 Home Depot Inc 2,629,022 2.00

26,309 Ingredion Inc 1,726,397 1.32

31,862 Lowe's Companies Inc 1,303,156 0.99

73,432 News Corporation 2,360,888 1.80

65,188 Pfizer Inc 1,825,916 1.39

13,909 PPG Industries Inc 2,036,417 1.55

51,134 Starbucks Corporation 3,348,766 2.55

17,312 Visa Inc 3,163,768 2.41

40,210 Walt Disney Company 2,539,262 1.94

31,582 WESCO International Inc 2,146,313 1.64

17,927 Whirlpool Corporation 2,050,132 1.56

20,545 Zoetis Inc 634,634 0.48

57,648,526 43.95

Total equities 105,887,595 80.74

Exchange traded future (a)

21 S&P 500 E-mini Future September 13 8,378 0.01

Total exchange traded future 8,378 0.01


72

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 6) ** (b)

Unrealised Gain % of

Amount Receivable Amount Payable Maturity Dates Contracts US$ Net Assets

HKD8,133,219 USD1,048,572 31 July 2013 2 158 0.00

SGD708,848 USD557,867 31 July 2013 2 1,068 0.00

USD41,609 AUD45,000 31July2013 1 518 0.00

USD3,978,766 CHF3,687,719 16July2013 1 80,646 0.06

USD340,201 CHF320,000 31July2013 2 1,905 0.00

USD3,296,376 DKK18,498,357 16July2013 1 72,043 0.05

USD14,028,839 €10,558,964 16July2013 4 302,759 0.23

USD823,346 €631,330 31July2013 4 2,600 0.00

USD543,047 GBP353,355 31July2013 4 7,232 0.01

USD1,385,422 GBP887,423 16July2013 2 39,630 0.03

USD18,372,170 JPY1,773,516,116 16July2013 6 517,081 0.39

USD9,237,519 SEK60,527,819 16July2013 2 273,429 0.21

USD937,271 SGD1,174,268 16July2013 1 11,376 0.02

Total unrealised gain on forward currency contracts 1,310,445 1.00

Total financial assets at fair value through profit or loss - trading 110,545,592 84.29


73

Financial liabilities at fair value through profit or loss


US$ Net Assets

Contracts for difference

France

58,028 Rexel SA (14,246) (0.01)

26,126 Safran SA (44,678) (0.03)

(58,924) (0.04)

Jersey

126,508 Glencore International Plc (139,569) (0.11)

United Kingdom

199,354 ARM Holdings Plc (151,187) (0.11)

42,835 Diageo Plc (59,703) (0.05)

131,715 Tate & Lyle Plc (37,828) (0.03)

(248,718) (0.19)

Total contracts for difference - unfunded (447,211) (0.34)

Equity

United States

(16,072) News Corporation (245,902) (0.18)

Total equity (245,902) (0.18) Forward currency contracts (note 6) **

Unrealised Loss % of

Amount Receivable Amount Payable Maturity Dates Contracts US$ Net Assets

AUD3,165,428 USD2,940,271 31 July 2013 2 (49,856) (0.04)

CAD3,704,564 USD3,535,294 31 July 2013 2 (26,450) (0.02)

CHF3,112,189 USD3,318,960 31 July 2013 2 (28,832) (0.02)

DKK2,073,165 USD363,595 31 July 2013 2 (2,179) (0.00)

€24,302,757 USD31,778,358 31 July 2013 6 (184,109) (0.14)

GBP13,857,004 USD21,346,301 31 July 2013 6 (334,044) (0.25)

ISK777,508 USD215,382 31 July 2013 2 (1,958) (0.00)

JPY698,472,016 USD7,172,275 31 July 2013 2 (139,912) (0.11)

NOK1,716,105 USD280,854 31 July 2013 2 (125) (0.00)

NZD48,418 USD37,542 31 July 2013 2 (237) (0.00)

SEK7,494,795 USD1,117,875 31 July 2013 2 (8,290) (0.01)

USD2,817,319 HKD21,870,565 16 July 2013 1 (2,585) (0.00)

Total unrealised loss on forward currency contracts (778,577) (0.59)

Total financial liabilities at fair value through profit or loss - trading (1,471,690) (1.11)


74

Fair Value % of

US$ Net Assets



Other Net Assets 22,082,691 16.82

Net Assets Attributable to Holders of Redeemable Participating Shares 131,156,593 100.00

** The forward currency contracts are held with The Bank of New York Mellon, Brussels

Classifications:

(a) Exchange traded financial derivative instruments

(b) OTC financial derivative instruments

All other investments held at the period end are transferable securities listed on an official stock exchange.

% of Total

Assets

Analysis of Total Assets

Transferable securities listed on an official stock exchange 80.58

Collective investment schemes 0.55

OTC financial derivative instruments described in (b) above 1.96

Exchange traded financial derivative instruments described in (a) above 0.01

Other current assets 16.90

100.00

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Convertible UCITS

75



US$ Net Assets

ASCOTs (b)

Japan

100,000,000 Fukuyama Transporting Company Limited 223,074 0.06

50,000,000 Nihon Unisys Limited 47,072 0.01

270,146 0.07

South Korea

240,000,000 Lotte Shopping Company Limited 58,749 0.02

Total Ascots 328,895 0.09

Contract for difference (b)

Austria

(55,810) A-TEC Industries AG 338,027 0.10

Total contract for difference (b) 338,027 0.10

Convertible bonds

Austria

1,100,000 A-TEC Industries AG 8.75% 27/10/2014 40,214 0.01

2,109,123 Immofinanz AG 4.25% 08/03/2018 2,855,155 0.82

2,800,000 Steinhoff Finance Holding GmbH 6.375% 26/05/2017 3,687,534 1.06

6,582,903 1.89

Belgium

668,491 Cofinimmo 2% 20/06/2018 870,681 0.25

1,750,000 Fortis Bank SA/NV 2.18% 19/12/2049 1,274,047 0.36

6,350,000 UCB SA 4.5% 22/10/2015 10,178,898 2.91

12,323,626 3.52

Bermuda

400,000 Aquarius Platinum Limited 4% 18/12/2015 313,500 0.09

42,900,000 China Green Holdings Limited 3% 12/04/2013 4,019,079 1.15

1,000,000 Gulf Keystone Petroleum Limited 6.25% 18/10/2017 871,185 0.25

5,203,764 1.49

British Virgin Islands

6,200,000 Billion Express Investments Limited 0.75% 18/10/2015 6,277,004 1.80

2,245,000 ReneSola Limited 4.125% 15/03/2018* 1,234,009 0.35

16,000,000 Tong Jie Limited 0% 18/02/2018 2,019,218 0.58

9,530,231 2.73

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Convertible UCITS (continued)

76



US$ Net Assets

Convertible bonds (continued)

Canada

2,560,000 Gold Corporation Inc 2% 01/08/2014* 2,589,056 0.74

1,000,000 Golden Star Resources Limited 5% 01/06/2017* 669,700 0.19

490,000 Sino-Forest Corporation 0% 15/12/2016# - 0.00

3,258,756 0.93

Cayman Islands

2,878,000 China Medical Technologies Inc 4% 15/08/2013* 503,650 0.14

3,060,000 China Medical Technologies Inc 6.25% 15/12/2016* 535,500 0.15

2,200,000 China Overseas Finance Investment Cayman Limited 0% 14/05/2014 3,113,000 0.89

3,315,000 JinkoSolar Holding Company Limited 4% 15/05/2016* 2,320,500 0.67

500,000 Polarcus Limited 2.875% 27/04/2016# 503,100 0.14

6,975,750 1.99

China

17,900,000 China Petroleum & Chemical Corporation 0% 24/04/2014 2,760,817 0.79

3,130,000 Hanwha SolarOne Company Limited 3.5% 15/01/2018* 2,683,975 0.77

5,444,792 1.56

Finland

3,800,000 Solidium Oy 0.5% 29/09/2015 5,055,510 1.45

France

1,374,926 Air France-KLM 2.03% 15/02/2023 1,711,026 0.49

1,200,000 BNP Paribas SA 0.25% 27/09/2016 1,651,461 0.47

657,745 Cie Generale de Geophysique - Veritas 1.25% 01/01/2019 836,350 0.24

834,000 Cie Generale de Geophysique - Veritas 1.75% 01/01/2016 1,100,042 0.31

1,149,892 Etablissements Maurel et Prom 7.125% 31/07/2014 1,646,930 0.47

906,209 Etablissements Maurel et Prom 7.125% 31/07/2015 1,441,762 0.41

1,037,962 Fonciere Des Regions 3.34% 01/01/2017 1,445,899 0.41

538,593 Gecina SA 2.125% 01/01/2016 797,590 0.23

776,025 Misarte 3.25% 01/01/2016 1,287,893 0.37

1,978,397 Technip SA 0.25% 01/01/2017 2,862,049 0.83

2,115,227 Technip SA 0.5% 01/01/2016 3,123,061 0.89

2,235,811 Unibail-Rodamco SE 0.75% 01/01/2018 3,211,565 0.92

21,115,628 6.04


77



US$ Net Assets


Germany

1,400,000 Deutsche Post AG 0.6% 06/12/2019 2,086,973 0.60

Hong Kong

2,000,000 China Power International Development Limited 2.75% 18/09/2017 389,051 0.11

Hungary

2,300,000 Magyar Nemzeti Vagyonkezel Zrt 4.4% 25/09/2014 3,015,592 0.86

India

1,100,000 Welspun Corporation Limited 4.5% 17/10/2014 1,031,921 0.30

Italy

1,566,651 Banco Popolare SC 4.75% 24/03/2014 2,046,279 0.59

10,000,000 Eni SpA 0.625% 18/01/2016 13,258,479 3.79

6,000,000 Eni SpA 0.25% 30/11/2015 # 8,001,531 2.29

400,000 Risanamento SpA 1% 10/05/2014 590,590 0.17

23,896,879 6.84

Japan

120,000,000 ABC-Mart Inc 0% 05/02/2018 1,371,118 0.39

49,000,000 Aeon Company Limited 0.3% 22/11/2013 705,576 0.20

150,000,000 Asahi Glass Company Limited 0% 14/11/2014 1,536,468 0.44

61,000,000 Asahi Group Holdings Limited 0% 26/05/2028 775,416 0.22

140,000,000 Fukuyama Transporting Company Limited 0% 22/03/2017 1,717,525 0.49

110,000,000 KDDI Corporation 0% 14/12/2015 1,995,486 0.57

60,000,000 Kureha Corporation 0% 14/03/2018 672,660 0.19

330,000,000 Nidec Corporation 0% 18/09/2015 3,463,679 1.00

70,000,000 OSG Corporation 0% 04/04/2022 # 853,727 0.25

93,000,000 Sawai Pharmaceutical Company Limited 0% 17/09/2015 1,225,052 0.35

2,000,000 Shizuoka Bank Limited/The 0% 25/04/2018 2,260,000 0.65

220,000,000 Toray Industries Inc 0% 12/03/2014 2,236,875 0.64

60,000,000 Yamato Holdings Company Limited 0% 07/03/2016 776,161 0.22

19,589,743 5.61

Jersey

1,200,000 British Land Company Jersey Limited 1.5% 10/09/2017 1,923,255 0.55

1,100,000 INTU Jersey Limited 2.5% 04/10/2018 1,766,587 0.51

2,100,000 London Mining Jersey Plc 8% 15/02/2016 1,972,593 0.56

4,070,000 Shire Plc 2.75% 09/05/2014 4,481,864 1.28

10,144,299 2.90


78



US$ Net Assets


Luxembourg

2,500,000 Ageasfinlux SA 1.546% 07/11/2072 1,673,558 0.48

1,300,000 Bank of New York Mellon Luxembourg SA 4.460% 30/12/2099# 219,675 0.06

3,400,000 GBL Verwaltung SA 1.25% 07/02/2017 4,605,046 1.32

4,200,000 Glencore Finance Europe SA 5% 31/12/2014 4,604,019 1.32

3,344,000 Opus Securities SA 3.95% 29/10/2049 2,684,088 0.77

4,400,000 Subsea 7 SA 1% 05/10/2017 4,251,500 1.22

18,037,886 5.17

Marshall Islands

1,425,000 DryShips Inc 5% 01/12/2014* 1,267,473 0.36

Mexico

3,000,000 Cemex SAB de CV 3.75% 15/03/2018* 3,710,130 1.06

Netherlands

5,100,000 Lukoil International Finance BV 2.625% 16/06/2015 5,494,689 1.57

1,050,000 Salzgitter Finance BV 2% 08/11/2017 1,506,446 0.43

1,500,000 Siemens Financieringsmaatschappij N.V. 1.05% 16/08/2017 1,539,375 0.44

5,750,000 Siemens Financieringsmaatschappij N.V. 1.65% 16/08/2019 5,981,265 1.71

14,521,775 4.15

Singapore

1,250,000 CapitaLand Limited 1.85% 19/06/2020 913,191 0.26

1,500,000 CapitaMall Trust 2.125% 19/04/2014 1,218,166 0.35

750,000 Temasek Financial III Pte Limited 0% 24/10/2014 607,605 0.17

2,738,962 0.78

South Africa

1,000,000 Impala Platinum Holdings Limited 1% 21/02/2018 827,880 0.24

2,000,000 Impala Platinum Holdings Limited 5% 21/02/2018 177,613 0.05

1,005,493 0.29

Spain

1,100,000 International Consolidated Airlines Group SA 1.75% 31/05/2018 1,506,347 0.43

Sweden

250,000 Industrivarden AB 2.5% 27/02/2015 399,704 0.11

3,600,000 Industrivarden AB 1.875% 27/02/2017 5,067,040 1.45

5,466,744 1.56


79



US$ Net Assets


Switzerland

345,000 Schindler Holding AG 0.375% 05/06/2017 368,074 0.11

Taiwan

600,000 Cathay Financial Holding Company Limited 0% 14/08/2014 698,049 0.20

1,100,000 Hon Hai Precision Industry Company Limited 0% 12/10/2013 1,096,816 0.31

4,500,000 United Microelectronics Corporation 0% 24/05/2016 4,361,715 1.25

6,156,580 1.76

United Arab Emirates

1,500,000 Aabar Investments PJSC 4% 27/05/2016 2,065,544 0.59

2,000,000 National Bank of Abu Dhabi PJSC 1% 12/03/2018 2,010,000 0.58

4,075,544 1.17

United Kingdom

628,946 Max Petroleum Plc 6.75% 08/09/2013 487,118 0.14

United States

475,000 Affiliated Managers Group Inc 3.95% 15/08/2038* 613,035 0.18

1,775,000 Ares Capital Corporation 4.75% 15/01/2018* 1,853,766 0.53

5,300,000 Atlanticus Holdings Corporation 5.875% 30/11/2035* 2,305,500 0.66

2,845,000 BlackRock Kelso Capital Corporation 5.5% 15/02/2018* 2,934,361 0.84

2,310,000 Boston Properties LP 3.625% 15/02/2014* 2,391,185 0.68

4,370,000 Cobalt International Energy Inc 2.625% 01/12/2019* 4,641,486 1.33

1,325,000 Covanta Holding Corporation 3.25% 01/06/2014* 1,718,956 0.49

1,850,000 Electronic Arts Inc 0.75% 15/07/2016* 1,928,338 0.55

1,510,000 Hologic Inc 2% 15/12/2037* 1,689,886 0.48

6,225,000 Intel Corporation 3.25% 01/08/2039* 7,940,672 2.27

2,475,000 International Game Technology 3.25% 01/05/2014* 2,636,890 0.75

1,355,000 James River Coal Company 10% 01/06/2018* 880,750 0.25

1,500,000 Jarden Corporation 1.5% 15/06/2019* 1,466,332 0.42

2,410,000 Liberty Interactive LLC 0.75% 30/03/2043* 2,659,375 0.76

7,000,000 Liberty Interactive LLC 3.5% 15/01/2031* 3,629,080 1.04

1,500,000 LifePoint Hospitals Inc 3.5% 15/05/2014* 1,628,587 0.47

2,825,000 Linear Technology Corporation 3% 01/05/2027* 2,962,719 0.85

1,815,000 Micron Technology Inc 2.125% 15/02/2033* 2,638,556 0.76

1,660,000 Molina Healthcare Inc 1.125% 15/01/2020* 1,820,929 0.52

1,850,000 Molson Coors Brewing Company 2.5% 30/07/2013* 1,867,899 0.53

2,115,000 Moly Corporation Inc 3.25% 15/06/2016* 1,469,925 0.42


80



US$ Net Assets


United States (continued)

3,010,000 Newmont Mining Corporation 1.625% 15/07/2017* 3,227,894 0.92

2,565,000 Priceline.com Inc 1% 15/03/2018* 2,984,929 0.85

2,700,000 Priceline.com Inc 0.35% 15/06/2020* 2,559,735 0.73

2,670,000 ProLogis LP 3.25% 15/03/2015* 3,078,243 0.88

4,205,000 Prospect Capital Corporation 5.875% 15/01/2019* 4,277,536 1.22

1,350,000 Radian Group Inc 3% 15/11/2017* 1,700,190 0.49

3,500,000 RadioShack Corporation 2.5% 01/08/2013* 3,455,690 0.99

3,455,000 Salesforce.com Inc 0.25% 01/04/2018* 3,291,026 0.94

2,105,000 Salix Pharmaceuticals Limited 1.5% 15/03/2019* 2,518,159 0.73

2,970,000 SanDisk Corporation 1.5% 15/08/2017* 3,994,947 1.15

1,800,000 Starwood Property Trust Inc 4.55% 01/03/2018* 1,854,612 0.54

1,700,000 United States Steel Corporation 4% 15/05/2014* 1,742,865 0.50

1,495,000 Volcano Corporation 1.75% 01/12/2017* 1,371,603 0.39

3,220,000 WellPoint Inc 2.75% 15/10/2042* 4,057,441 1.16

91,793,097 26.27

Total convertible bonds 286,780,641 82.07

Corporate bonds

Cayman Islands

80,968 Emerald Plantation Holdings Limited 6% 15/01/2020* 46,557 0.01

Spain

1,000,000 OHL Investments SA 4% 25/04/2018 1,280,951 0.37

Taiwan

1,800,000 Asia Cement Corporation 0% 27/01/2016 1,774,980 0.51

United Kingdom

2,000,000 Dialog Semiconductor Plc 1% 12/04/2017 1,892,500 0.54

United States

3,800,000 Archer-Daniels-Midland Company 0.875% 15/02/2014* 3,833,117 1.10

Total corporate bonds 8,828,105 2.53


81



US$ Net Assets

Credit default swap (b)

United States

3,500,000 RadioShack Corporation 20/09/2013 55,288 0.02

Total credit default swap 55,288 0.02

Equity securities

Cayman Islands

74,896 Emerald Plantation Holdings Limited 19,473 0.01

France

123,436 Titus Interactive - 0.00

Israel

35,000 Teva Pharmaceutical Industries Limited 1,372,000 0.39

Japan

77 Unicharm Corporation 4,349 0.00

United Kingdom

24,978,806 Max Petroleum Plc 1,591,185 0.46

United States

45,551 NetApp Inc 1,720,917 0.49

Total equity securities 4,707,924 1.35

Exchange-traded future (a)

(200) US 5 Year Note Future September 2013 295,313 0.08

Total exchange-traded future 295,313 0.08

Option

270 Call on 60 Lam Research Corporation 17 January 2015 (Strike Price: 60.00) 57,375 0.02

Total option 57,375 0.02


82



US$ Net Assets

Preferred stocks

68,090 Apache Corporation 3,250,617 0.93

10,000 Lehman Brothers Holdings Inc# - 0.00

Total preferred stocks 3,250,617 0.93

Warrants

Japan

60 JVC Kenwood Corporation# 51,978 0.01

400,000,000 Sony Corporation 5,164,343 1.48

5,216,321 1.49

United Kingdom

1,680,000 Max Petroleum Plc - 0.00

United States

1,452,360 Citigroup Inc 1,141,555 0.33

139,120 Zions Ban Corporation 812,461 0.23

1,954,016 0.56

Total warrants 7,170,337 2.05

Forward currency contracts (note 6) ** (b)


Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Non Class Specific

US$99,206,630 €74,742,915 16 July 2013 7 2,044,481 0.59

US$3,362,271 JPY2,006,517,150 16 July 2013 1 106,204 0.03

US$20,804,159 GBP2,147,072 16 July 2013 3 603,257 0.17

US$2,813,254 SGD3,526,328 16 July 2013 3 32,784 0.01

Class DL H

US$1,121,674 €859,096 05 July 2013 5 4,943 0.00

US$38,434 GBP24,900 05 July 2013 2 670 0.00

Class IL H

US$53,696 €41,146 03 July 2013 1 212 0.00

US$2,335,293 €1,789,945 05 July 2013 3 8,561 0.00

Class IM H

US$1,139,314 €872,872 05 July 2013 2 4,676 0.00

US$16,147 GBP10,500 05 July 2013 1 223 0.00



83



US$ Net Assets


France

310,446 Atari SA (86,167) (0.02)

Hungary

(85,000) OTP Bank NYRT (738,171) (0.21)

Japan

(385,200) Sony Corporation (2,642,100) (0.76)

Total contracts for difference (3,466,438) (0.99)

Credit default swaps

United States

2,000,000 Liberty Interactive LLC 20/03/2014 (69,687) (0.02)

3,500,000 Liberty Interactive LLC 20/06/2014 (161,409) (0.05)

(231,096) (0.07)

Total credit default swaps (231,096) (0.07)

Exchange-traded future

United States

(160) S&P E-mini Future September 2013 (42,400) (0.01)

Total exchange-traded future (42,400) (0.01)

Forward currency contracts (note 6)**

Unrealised loss % of


Non Class Specific

AUD1,359,680 US$1,292,736 16 July 2013 1 (49,852) (0.01)

US$4,196,328 HKD32,575,673 16 July 2013 1 (3,860) (0.00)

Class DL H

€163,231 US$212,949 03 July 2013 2 (768) (0.00)

€60,553,762 US$79,176,466 05 July 2013 1 (463,232) (0.13)

GBP369,939 US$570,054 05 July 2013 1 (8,994) (0.00)

Class IL H

€101,988 US$132,890 03 July 2013 1 (318) (0.00)

€83,725,582 US$109,474,597 05 July 2013 3 (640,544) (0.18)

Class IM H

€202,872 US$264,342 03 July 2013 1 (633) (0.00)


84




Class IM H (continued)

€60,503,586 US$79,110,859 05 July 2013 1 (462,848) (0.14)

GBP968,069 US$1,491,736 05 July 2013 1 (23,537) (0.01)

Total unrealised loss on forward currency contracts (1,654,586) (0.47)







Classifications:

(a) Exchange traded derivative instruments


* Transferable securities dealt on another regulated market.

# Transferable securities other than those listed on an official stock exchange or dealt on another regulated market.


% of Total Assets



Transferable securities as described in * above 31.01

Transferable securities as described in # above 0.45

Exchange-traded financial derivative instruments described in classification (a) above 0.08

OTC financial derivative instruments described in classification (b) above 0.99


100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG European Equity

85



€ Net Assets

Contracts for difference (b)

France

53,615 Electricite de France SA 15,758 0.05

27,101 European Aeronautic Defence and Space Company NV 33,382 0.11

24,349 Safran SA 93,287 0.32

142,427 0.48

Ireland

39,541 Shire PLC 13,242 0.05

United Kingdom

413,585 Lloyds Banking Group Plc 3,445 0.01

12,797 Reckitt Benckiser Group Plc 21,678 0.07

25,123 0.08

Total contracts for difference 180,792 0.61

Equities

Denmark

78,807 GN Store Nord A/S 1,144,268 3.94

2,345 Novo Nordisk A/S 280,756 0.97

1,425,024 4.91

Germany

9,597 Allianz SE 1,077,263 3.71

4,025 Bayerische Motoren Werke AG 270,400 0.93

7,226 Fresenius SE & Company KGaA 684,374 2.36

66,409 Infineon Technologies AG 427,010 1.47

2,116 Linde AG 303,329 1.04

31,438 Rhoen Klinikum AG 557,081 1.92

3,319,457 11.43

Netherlands

15,236 ASML Holding NV 923,606 3.18

222,484 ING Group NV 1,557,388 5.37

27,598 Koninklijke Philips NV 578,040 1.99

17,399 Koninklijke Vopak NV 788,610 2.72

44,163 QIAGEN NV 666,640 2.30

4,514,284 15.56

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG European Equity (continued)

86



€ Net Assets


Sweden

44,184 Assa Abloy AB 1,323,514 4.56

12,927 Autoliv Incorporation 770,615 2.65

29,715 Electrolux AB 573,756 1.98

21,851 Nordea Bank AB 186,797 0.64

35,662 Svenska Cellulosa AB 684,113 2.36

73,619 Swedbank AB 1,290,578 4.45

32,677 Volvo AB 334,470 1.15

5,163,843 17.79

Switzerland

16,725 Novartis AG 912,505 3.14

105,460 UBS AG 1,378,860 4.75

2,291,365 7.89


Exchange-traded futures (a)

Europe

11 Euro Stoxx 50 September 2013 1,540 0.01

United States

1 E-mini S&P 500 19 September 2013 204 0.00

Total exchange-traded futures 1,744 0.01 Forward currency contracts (note 6) ** (b)


Amount Receivable Amount Payable Maturity Date Contracts € Net Assets

Non Class Specific €1,721,510 DKK12,835,661 16 July 2013 1 431 0.00 €245,000 GBP209,703 16 July 2013 1 362 0.00 €5,186,183 SEK45,113,868 16 July 2013 2 46,596 0.16

Class DH USD US$381,591 €292,855 03 July 2013 1 703 0.00 US$5,104,091 €3,904,556 31 July 2013 3 21,558 0.07

Class DHT GBP €568,458 GBP482,600 31 July 2013 1 5,557 0.02

Class IH USD US$66,261 €50,677 31 July 2013 2 292 0.00

Total unrealised gain on forward currency contracts 75,499 0.25



87



€ Net Assets


France

19,845 Carrefour SA (42,934) (0.15)

17,252 Rexel SA (3,258) (0.01)

8,422 Sanofi (40,580) (0.14)

(86,772) (0.30)

Ireland

59,656 Experian Plc (57,175) (0.20)

Switzerland

239,864 Glencore Xstrata Plc (189,398) (0.65)

United Kingdom

145,169 ARM Holdings Plc (191,628) (0.66)

13,231 Diageo Plc (26,822) (0.09)

13,276 Rio Tinto Plc (43,356) (0.15)

112,772 Tate & Lyle Plc (28,458) (0.10)

57,423 WPP Plc (16,210) (0.06)

(306,474) (1.06)

Total contracts for difference (639,819) (2.21)

Forward currency contracts (note 6) **



Non Class Specific

CHF269,716 €220,000 16 July 2013 1 (679) (0.00)

€3,277,502 CHF4,034,507 16 July 2013 1 (3,168) (0.01)

GBP395,262 €464,000 16 July 2013 2 (2,890) (0.01)

NOK414,838 €54,012 16 July 2013 1 (1,783) (0.01)

Class DH USD

€288,087 US$375,378 03 July 2013 1 (692) (0.00)

€681,312 US$887,957 31 July 2013 4 (1,713) (0.01)

Class DHT GBP

GBP18,243,395 €21,488,284 31 July 2013 2 (209,305) (0.72)

Class IH USD

€1,377 US$1,800 31 July 2013 1 (8) (0.00)


Total financial liabilities at fair value through profit or loss - trading (860,057) (2.97)


88

Fair Value % of

€ Net Assets






Classifications:

(a) Exchange traded financial derivative instruments



% of Total

Analysis of Total Assets Assets


Exchange-traded financial derivative instruments described in classification (a) above 0.01


Other Current Assets 44.82

100.00


GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Sustainability Equity

89



€ Net Assets

Contract for difference (b)

United Kingdom

7,249 ASOS Plc 46,997 0.17

Total contract for difference 46,997 0.17

Equity securities

Canada

10,171 Canadian Pacific Railway Limited 949,767 3.52

Denmark

42,777 Chr. Hansen Holding A/S 1,125,237 4.17

26,373 GN Store Nord A/S 382,933 1.42

4,115 Novo Nordisk A/S-B 492,670 1.82

10,939 Novozymes A/S-Class B Shares 268,975 1.00

2,269,815 8.41

Hong Kong

100,449 AIA Group Limited 327,288 1.21

Japan

32,821 Ajinomoto Company Inc 370,098 1.37

25,900 Kao Corporation 676,983 2.51

1,087 NTT Urban Development Corporation 1,025,371 3.80

7,438 Shin-Etsu Chemical Company Limited 379,041 1.40

264,135 Toray Industries Inc 1,313,303 4.86

22,800 Toyo Suisan Kaisha Limited 582,711 2.16

6,248 Tsuruha Holdings Inc 454,371 1.68

4,801,878 17.78

Netherlands

9,137 Koninklijke DSM NV 457,398 1.69

Norway

22,419 Gjensidige Forsikring ASA 252,381 0.93

Singapore

582,000 Global Logistic Properties Limited 970,823 3.60

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Sustainability Fund (continued)

90



€ Net Assets

Equity securities (continued)

Sweden

22,217 Svenska Cellulosa AB 426,194 1.58

Switzerland

6,704 Aryzta AG 289,451 1.07

United States

15,051 Acuity Brands Inc 874,448 3.24

19,252 Advance Auto Parts Inc 1,202,203 4.45

23,422 American Water Works Company Inc 742,923 2.75

7,365 Ashland Inc 473,114 1.75

8,326 Cheniere Energy Inc 177,813 0.66

8,923 eBay Inc 355,039 1.32

6,548 Equifax Inc 296,860 1.10

46,870 Foot Locker Inc 1,266,717 4.69

10,147 Gilead Sciences Inc 399,759 1.48

6,928 Home Depot Inc 412,903 1.53

15,641 Ingredion Inc 789,600 2.92

14,400 Lowe's Companies Inc 453,098 1.68

11,343 Mastec Inc 287,098 1.06

20,648 NCR Corporation 524,043 1.94

17,244 Nordson Corporation 919,476 3.41

5,650 Pall Corporation 288,748 1.07

28,877 Perkinelmer Inc 722,008 2.68

2,762 PPG Industries Inc 311,101 1.15

12,521 Starbucks Corporation 630,842 2.34

8,399 Tractor Supply Company 759,938 2.81

4,098 Visa Inc-Class A Shares 576,150 2.14

22,945 Walgreen Company 780,219 2.90

6,333 Wesco International Inc 331,108 1.23

11,375 Whirlpool Corporation 1,000,765 3.71

14,575,973 54.01

Total equity securities 25,320,968 93.80 Forward currency contracts (note 6)** (b)



Non Class Specific

€3,031,779 DKK22,605,239 16 July 2013 2 741 0.00

€4,301,561 JPY550,516,481 16 July 2013 2 38,013 0.14

€183,463 NOK1,409,076 16 July 2013 1 6,056 0.02

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Sustainability Equity (continued)

91


Forward currency contracts (note 6)** (b) (continued)



€285,059 SEK2,479,576 16 July 2013 1 2,574 0.01

US$1,264,575 €956,000 16 July 2013 3 16,787 0.07

Class IH GBP

€323,547 GBP275,100 31 July 2013 1 2,672 0.01



GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Sustainability Equity (continued)

92


Nominal Description Fair Value

€ Ne

Contracts for difference - unfunded (b)

France

31,474 Rexel SA (11,055)

United Kingdom

43,307 ARM Holdings Plc (24,964)

30,003 Spectris Plc (62,374)

(87,338)

Total contracts for difference (98,393)

Counterparty for contracts for difference is Credit Suisse

Unrealised Loss Amount Receivable Amount Payable Maturity Date Contracts € Ne

Non Class Specific DKK1,864,327 €250,000 16 July 2013 1 (20) €635,385 CHF782,139 16 July 2013 1 (614) €175,197 HKD1,806,552 16 July 2013 1 (3,987) €885,093 SGD1,473,794 16 July 2013 1 (8,841) €16,623,284 US$22,079,230 16 July 2013 6 (361,376)

Class IH GBP GBP22,497,511 €26,499,990 31 July 2013 1 (259,037)

Total unrealised loss on forward currency contracts (633,875)

Total financial liabilities at fair value through profit or loss - trading (732,268)

Total financial assets at fair value through profit or loss - trading 25,434,808

Total financial liabilities at fair value through profit or loss - trading (732,268)

Other Net Assets 2,293,835

Net Assets Attributable to Holders of Redeemable Participating Shares 26,996,375

**The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications:


All other investments held at the period end are transferable securities listed on an official stock exchange

Tota


Transferable securities listed on an official stock exchange

OTC financial derivative instruments described in classification (b) above

Other current assets


GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Japan CoreAlpha Equity

93



¥ Net Assets

Equity securities

Japan

41,057,000 ANA Holdings Inc 8,457,742,000 3.71

10,812,000 Asahi Glass Company Limited 6,984,552,000 3.06

1,439,400 Chubu Electric Power Company Inc 2,023,796,400 0.89

3,811,000 Dai Nippon Printing Company Limited 3,456,577,000 1.52

26,212 Dai-ichi Life Insurance Company Limited 3,753,558,400 1.65

381,800 East Japan Railway Company 2,943,678,000 1.29

5,843,900 FUJIFILM Holdings Corporation 12,768,921,500 5.60

2,746,000 Fujitsu Limited 1,125,860,000 0.49

1,631,300 Ibiden Company Limited 2,523,621,100 1.11

14,571 Inpex Corporation 6,032,394,000 2.65

1,122,400 JFE Holdings Inc 2,443,464,800 1.07

1,597,500 Kansai Electric Power Company Inc 2,171,002,500 0.95

1,153,000 Konica Minolta Inc 863,597,000 0.38

7,341,500 Mitsubishi Chemical Holdings Corporation 3,421,139,000 1.50

24,056,644 Mitsubishi UFJ Financial Group Inc 14,722,666,128 6.46

19,458,000 Mitsui Chemicals Inc 4,358,592,000 1.91

3,374,000 Mitsui OSK Lines Limited 1,305,738,000 0.57

43,217,600 Mizuho Financial Group Inc 8,902,825,600 3.90

21,776,000 NEC Corporation 4,725,392,000 2.07

1,006,800 Nintendo Company Limited 11,779,560,000 5.17

5,670,000 Nippon Electric Glass Company Limited 2,738,610,000 1.20

1,401,000 Nippon Express Company Limited 659,871,000 0.29

15,076,000 Nippon Steel & Sumitomo Metal Corporation 4,040,368,000 1.77

1,632,900 Nippon Telegraph & Telephone Corporation 8,393,106,000 3.68

4,762,300 Nomura Holdings Inc 3,481,241,300 1.53

12,033 NTT Data Corporation 4,235,616,000 1.86

56,879 NTT DOCOMO Inc 8,765,053,900 3.84

5,021,000 Oji Holdings Corporation 2,008,400,000 0.88

13,560,800 Panasonic Corporation 10,807,957,600 4.74

13,036,800 Resona Holdings Inc 6,296,774,400 2.76

2,864,000 Ricoh Company Limited 3,379,520,000 1.48

1,729,536 Rohm Company Limited 6,918,144,000 3.03

430,366 Seven & I Holdings Company Limited 1,560,076,750 0.68

4,549,000 Shimizu Corporation 1,815,051,000 0.80

4,317,400 Sony Corporation 8,971,557,200 3.93

689,800 Sony Financial Holdings Inc 1,080,916,600 0.47

21,052,000 Sumitomo Chemical Company Limited 6,568,224,000 2.88

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Japan CoreAlpha Equity (continued)

94



¥ Net Assets

Equity securities (continued)

Japan (continued)

2,647,700 Sumitomo Mitsui Financial Group Inc 12,047,035,000 5.28

8,364,540 Sumitomo Mitsui Trust Holdings Inc 3,872,782,020 1.70

7,790,492 T&D Holdings Inc 10,392,516,328 4.56

11,227,000 Teijin Limited 2,447,486,000 1.07

1,362,600 Tokyo Broadcasting System Holdings Inc 1,825,884,000 0.80

3,657,000 Toppan Printing Company Limited 2,519,673,000 1.10

507,000 Toyota Motor Corporation 3,036,930,000 1.33

907,580 Yamada Denki Company Limited 3,653,009,500 1.61

226,280,481,026 99.22

Total equity securities 226,280,481,026 99.22

Forward currency contracts (note 6)** (b)


Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class DH CHF

CHF27,247,672 JPY2,832,723,709 05July2013 4 28,046,046 0.01

JPY11,996,769 CHF114,186 03July2013 1 8,313 0.00

Class DH EUR

€7,920,665 JPY1,022,186,471 05July2013 2 538,314 0.00

JPY105,713,325 €815,381 03July2013 1 430,541 0.00

Class DH GBP

GBP98,199,007 JPY14,757,848,406 05July2013 3 35,856,505 0.02

JPY28,894,973 GBP191,582 05July2013 2 33,096 0.00

Class DH USD

US$234,620 JPY23,243,661 03 July 2013 1 61,915 0.00

US$59,697,611 JPY5,910,167,401 05 July 2013 5 19,735,239 0.01

Class I GBP

JPY2,217,447 GBP14,685 03 July 2013 1 5,053 0.00

Class IH CHF

CHF18,053,661 JPY1,876,896,130 05 July 2013 3 18,582,012 0.01

Class IH EUR

€4,345,990 JPY561,015,219 05 July 2013 2 143,678 0.00

Class IH GBP

GBP454,396,948 JPY68,286,722,814 05July2013 3 168,290,900 0.07

JPY60,230,286 GBP398,883 03July2013 1 137,251 0.00


95

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 6)** (b) (continued)


Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class IH USD

US$205,967,250 JPY20,394,687,934 05 July 2013 7 64,518,207 0.03


Total financial assets at fair value through profit or loss - trading 226,616,868,096 99.37


96

Financial liabilities at fair value through profit or loss Forward currency contracts (note 6)**

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class DH CHF CHF114,186 JPY11,996,450 05 July 2013 1 (7,905) (0.00) JPY7,937,715 CHF76,225 05 July 2013 2 (65,261) (0.00)

Class DH EUR €207,807,254 JPY26,899,053,734 05 July 2013 2 (66,756,179) (0.03) JPY61,929,732 €486,209 05 July 2013 2 (850,127) (0.00)

Class DH GBP GBP76,618 JPY11,569,157 03 July 2013 1 (26,364) (0.00) GBP3,500,000 JPY528,066,000 05 July 2013 1 (790,281) (0.00) JPY13,592,085 GBP90,530 05 July 2013 1 (46,267) (0.00)

Class DH USD JPY227,102,100 US$2,323,034 05 July 2013 4 (3,650,397) (0.00)

Class I EUR €3,304 JPY428,421 03 July 2013 1 (1,744) (0.00)

Class IH EUR €117,740,834 JPY15,240,606,747 05 July 2013 2 (37,782,886) (0.02) JPY29,914 €235 05 July 2013 1 (420) (0.00)

Class IH GBP GBP17,186,313 JPY2,592,994,944 05 July 2013 3 (3,873,404) (0.00) JPY39,176,981 GBP260,938 05 July 2013 1 (133,355) (0.00)

Class IH USD JPY52,118,711 US$526,084 03 July 2013 1 (138,830) (0.00) JPY398,116,455 US$4,092,312 05 July 2013 2 (8,382,654) (0.00)

Total unrealised loss on forward currency contracts (122,506,074) (0.05) Total financial liabilities at fair value through profit or loss - trading (122,498,169) (0.05)

Total financial assets at fair value through profit or loss - trading 226,616,868,096 99.37


Other Net Assets 1,436,493,933 0.63

Net Assets Attributable to Holders of Redeemable Participating Shares 228,053,362,029 100.00



97

Classifications:


All other investments held at the period end are transferable securities listed on an official stock exchange

% of

Total Assets





100.00


GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Emerging Markets Equity Fund

98



US$ Net Assets

Equities

Bermuda

1,289 Credicorp Limited 164,940 1.24

384,000 Emperor International Holdings 102,481 0.77

111,000 Haier Electronics Group Company Limited 176,882 1.33

20,000 Hopson Development Holdings Limited 27,384 0.21

74,000 K Wah International Holdings Limited 34,060 0.26

505,747 3.81

Brazil

10,592 Banco Bradesco SA 138,091 1.04

17,633 BM&FBovespa SA 98,660 0.74

5,753 BR Malls Participacoes SA 52,034 0.39

17,313 Cia Vale do Rio Doce 211,999 1.59

17,337 Gerdau SA 98,965 0.74

14,100 Klabin SA 70,849 0.53

9,080 Localiza 129,883 0.98

10,280 Mills Estruturas e Servicos de Engenharia SA 140,585 1.06

12,722 Petroleo Brasileiro SA 85,291 0.64

1,026,357 7.71

Cayman Island

18,000 Belle International Holdings Limited 24,738 0.19

3,353 Eurasia Drilling Company Limited 125,167 0.94

271,000 Prince Frog International Holdings Limited 187,274 1.41

16,000 Sands China Limited 75,396 0.57

4,300 Tencent Holdings Limited 168,644 1.27

24,000 Want Want China Holdings Limited 33,789 0.25

615,008 4.63

China

242,000 Bank of China Limited 99,529 0.75

241,000 China Construction Bank Corporation 170,582 1.28

29,000 China Life Insurance Company Limited 68,795 0.52

62,000 China Oilfield Services Limited 121,341 0.91

134,000 China Petroleum & Chemical Corporation 94,328 0.71

90,000 China Railway Construction Corporation Limited 78,207 0.59

169,000 China Railway Group Limited 78,003 0.59

7,500 China Shenhua Energy Company Limited 19,146 0.14

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Emerging Markets Equity Fund (continued)

99

Financial assets at fair value through profit or loss (Continued)


US$ Net Assets


China (continued)

8,000 CITIC Securities Company Limited 14,213 0.11

32,000 Great Wall Motor Company Limited 138,003 1.04

281,000 Industrial & Commercial Bank of China 177,157 1.33

56,000 PetroChina Company Limited 59,564 0.45

7,500 Ping An Insurance Group Company of China Limited 50,475 0.38

1,169,343 8.80

Hong Kong

13,500 China Mobile Limited 140,981 1.06

16,000 China Overseas Land & Investment Limited 41,979 0.32

28,000 China Unicom Hong Kong Limited 37,182 0.28

57,000 CNOOC Limited 96,710 0.73

18,000 Galaxy Entertainment Group Limited 88,186 0.66

150,000 Melco International Development Limited 283,509 2.13

20,000 Sino Land Company Limited 28,158 0.21

9,000 Wharf Holdings Limited 75,654 0.57

792,359 5.96

Indonesia

63,500 Astra International TbK PT 44,786 0.34

37,000 Bank Mandiri Persero TbK PT 33,552 0.25

86,000 Perusahaan Gas Negara Persero TbK PT 49,824 0.37

44,500 Telekomunikasi Indonesia Persero TbK PT 50,441 0.38

178,603 1.34

Jersey

2,073 Polymetal International Plc 14,255 0.11

11,737 Polyus Gold International Limited 35,915 0.27

50,170 0.38

Malaysia

9,100 CIMB Group Holdings Bhd 23,848 0.18

13,800 Malayan Banking Bhd 45,425 0.34

69,273 0.52

Mexico

91,773 Alfa SA de CV 220,099 1.65


100



US$ Net Assets


Mexico (continued)

101,297 America Movil SA de CV 109,884 0.83

121,952 Cemex SAB de CV 128,825 0.97

12,305 Fomento Economico Mexicano SA de CV 126,877 0.95

32,535 Grupo Financiero Banorte SAB de CV 191,626 1.44

71,827 Grupo Mexico SA de CV 206,672 1.55

31,069 Grupo Televisa SA 154,440 1.16

48,197 Kimberly-Clark de Mexico SAB de CV 154,923 1.16

12,737 Wal-Mart de Mexico SAB de CV 35,671 0.27

1,329,017 9.98

Philippines

7,325 SM Investments Corporation 181,429 1.36

Russia

3,216 Lukoil OAO 184,598 1.39

5,368 Magnit OJSC 307,050 2.31

491,648 3.70

South Africa

1,521 Bidvest Group Limited 37,530 0.28

7,716 Clicks Group Limited 43,122 0.32

12,110 Discovery Holdings Limited 102,543 0.77

10,147 MTN Group Limited 188,074 1.41

25,234 Sanlam Limited 116,928 0.88

3,464 Shoprite Holdings Limited 64,728 0.49

6,432 Standard Bank Group Limited 72,230 0.54

625,155 4.69

South Korea

1,900 Hana Financial Group Inc 55,317 0.42

276 Hyundai Motor Company 54,497 0.41

1,790 KB Financial Group Inc 53,604 0.40

578 LG Chem Limited 1,28,045 0.96

377 POSCO 98,537 0.74

666 Samsung Electronics Company Limited 7,82,603 5.88

385 Samsung Fire & Marine Insurance Company Limited 78,547 0.59

2,320 Shinhan Financial Group Company Limited 76,382 0.57


101



US$ Net Assets


South Korea (continued)

3,220 SK Hynix Inc 87,968 0.66

257 SK Innovation Company Limited 30,492 0.23

1,445,992 10.86

Taiwan

10,000 Asustek Computer Inc 86,083 0.65

30,000 Formosa Plastics Corporation 72,570 0.55

70,000 Fubon Financial Holding Company Limited 95,409 0.72

42,000 Hon Hai Precision Industry Company Limited 103,700 0.78

3,000 Largan Precision Company Limited 96,093 0.72

4,000 MediaTek Inc 46,512 0.35

147,000 POU Chen Corporation 139,540 1.05

21,000 Taiwan Mobile Company Limited 83,030 0.62

113,400 Taiwan Semiconductor Manufacturing Company Limited 498,915 3.75

43,000 Uni-President Enterprises Corporation 83,788 0.63

1,305,640 9.82

Turkey

24,072 Akbank TAS 98,062 0.74

23,958 Koc Holding AS 114,982 0.86

12,397 Turkcell Iletisim Hizmetleri AS 71,962 0.54

24,072 Turkiye Garanti Bankasi AS 105,049 0.79

390,055 2.93


Preferred stocks

Brazil

3,806 Cia de Bebidas das Americas 143,898 1.08

15,810 Itau Unibanco Holding SA 205,909 1.55

349,807 2.63

Total preferred stocks 349,807 2.63


102



US$ Net Assets

Total return swaps (b)

India

4,955 Reliance Industries Limited 1,407 0.01

Thailand

350,700 Land & Houses Public Company Limited 1,993 0.02

8,200 Siam Cement Public Company Limited 278 0.00

2,271 0.02

Total total return swaps 3,678 0.03

Forward currency contracts (note 6) ** (b)



Non Class Specific

HKD1,101,422 US$142,000 16 July 2013 4 13 0.00

IDR2,578,685,001 US$250,115 16 July 2013 2 5,606 0.04

US$186 €143 16 July 2013 2 - 0.00

US$325,963 GBP212,000 31 July 2013 2 4,495 0.03

US$623,481 MXN7,978,187 16 July 2013 2 12,002 0.09

US$179,630 RUB5,843,630 16 July 2013 2 2,221 0.02

US$544,060 THB16,794,575 16 July 2013 2 3,126 0.02

US$141,500 TRY266,671 16 July 2013 2 3,683 0.03

ZAR3,762,855 US$375,433 16 July 2013 2 2,584 0.02


Total financial assets at fair value through profit or loss 10,563,011 79.40


103


Nominal Description Fair Value % of US$ Net Assets

Total return swaps India

17,678 Cairn India Limited (2,830) (0.02) 9,070 HDFC Bank Limited (9,959) (0.07) 7,385 ICICI Bank Limited (17,416) (0.13)

20,673 ITC Limited (11,191) (0.08) 5,682 Sun Pharmaceutical Industries (7,993) (0.06)

42,293 Tata Motors Limited (33,676) (0.25)

(83,065) (0.61)

Russia 25,579 Gazprom OAO (27,987) (0.21)

9,317 Rosneft Oil Company (16,990) (0.13) 113,700 Sberbank of Russia (34,451) (0.26)

(79,428) (0.60)

Thailand 41,200 Electricity Generating Public Company Limited (22,168) (0.17) 12,100 Kasikornbank Public Company Limited (2,022) (0.02)

356,000 Krung Thai Bank Public Company Limited (4,943) (0.04) 112,000 Pruksa Real Estate Public Company Limited (5,304) (0.04)

(34,437) (0.27)

Total total return swaps (196,930) (1.48) Forward currency contracts (note 6) **

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Non Class Specific BRL286,921 US$133,433 16 July 2013 2 (4,049) (0.03) CLP136,565,250 US$270,748 17 July 2013 2 (1,753) (0.01) COP309,792,000 US$163,565 16 July 2013 2 (3,439) (0.03) GBP8,641,255 US$13,311,995 31 July 2013 4 (208,795) (1.57) INR6,767,280 US$115,680 16 July 2013 2 (2,498) (0.02) KRW621,059,582 US$550,024 16 July 2013 2 (7,836) (0.06) MYR1,502,492 US$479,570 16 July 2013 2 (6,135) (0.05) PLN739,130 US$230,524 16 July 2013 2 (8,913) (0.07) THB4,335,800 US$140,000 16 July 2013 2 (349) (0.00) TWD10,024,523 US$335,156 16 July 2013 2 (776) (0.01) US$829,184 HKD6436321 16 July 2013 4 (692) (0.01) US$37,125 PHP1601927 16 July 2013 2 (16) (0.00) US$70,000 ZAR706,309 16 July 2013 2 (956) (0.01)


Total financial liabilities at fair value through profit or loss (443,137) (3.35)

GLG Investments plc Portfolio Statement as at 30 June 2013 GLG Global Emerging Markets Equity (continued)

104

Total financial assets at fair value through profit or loss 10,563,011 79.40

Total financial liabilities at fair value through profit or loss (443,137) (3.35)

Other net assets 3,183,839 23.95



Classifications:

(a) Exchange traded derivative instruments



% of Total

Assets




Other Current Assets 23.80

100.00


GLG Investments plc Portfolio Statement as at 30 June 2013 GLG MENA Equity

105


Nominal Description Fair Value % of US$ Net Assets

Equities Kuwait

223,186 Burgan Bank 469,453 3.03403,871 Kuwait Projects Company Holding 707,925 4.57

1,177,378 7.60

Qatar 38,553 Commercial Bank of Qatar 735,845 4.7516,383 Industries Qatar 713,126 4.6110,766 Qatar Fuel Company 745,072 4.8118,000 Qatar National Bank 785,983 5.0825,326 Qatar Navigation 500,079 3.2321,724 Qatar Telecom Qtel 718,903 4.64

4,199,008 27.12

Saudi Arabia 26,198 Al Rajhi Bank 499,475 3.2333,314 Al Tayyar Travel Group 572,963 3.7031,273 Aldrees Petroleum and Transport Services Company 310,207 2.0041,352 Alinma Bank 151,063 0.9816,836 Almarai Company Limited 317,618 2.0550,095 Etihad Etisalat Company 1,061,943 6.8684,572 National Industrialization Company 593,092 3.8367,582 Riyad Bank 449,616 2.9035,201 Samba Financial Group 463,683 2.9954,989 Saudi Basic Industries Corporation 1,341,642 8.67

2,477 Saudi Pharmaceutical Industrial & Med Appliances Corporation 33,685 0.2223,752 Yamama Saudi Cement Company Limited 323,006 2.0943,662 Yanbu National Petrochemicals Company 651,976 4.21

6,769,969 43.73

United Arab Emirates 343,000 Abu Dhabi Commercial Bank PJSC 466,934 3.02539,539 Dubai Islamic Bank PJSC 456,851 2.95310,517 Emaar Properties PJSC 439,622 2.84159,180 First Gulf Bank PJSC 691,258 4.46191,959 Sorouh Real Estate Company PJSC 142,157 0.92207,999 Union National Bank PJSC 262,767 1.70

2,459,589 15.89


Forward currency contracts (b) (note 6)* Unrealised Gain % of


Non Class Specific US$281,373 GBP183,000 31 July 2013 1 3,179 0.02



GLG Investments plc Portfolio Statement as at 30 June 2013 GLG MENA Equity (continued)

106

Financial liabilities at fair value through profit and loss

Forward currency contracts (b) (note 6)*



Non Class Specific

GBP10,330,700 US$15,916,406 31 July 2013 1 (211,799) (1.37)







* The forward currency contracts are held with The Bank of New York Mellon, Brussels

Classifications:


All other investments held at the year end are transferable securities listed on an official stock exchange.

% of Total

Analysis of Total Assets Assets




100.00


GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Investment Grade Bond

107



US$ Net Assets

Corporate bonds

Canada

250,000 Great-West Lifeco Inc 2.50% 18/04/23 314,239 1.49

Czech Republic

150,000 EP Energy AS 4.375% 01/05/18 197,093 0.94

France

200,000 Accor SA 2.50% 21/03/19 257,099 1.22

300,000 Autoroutes du Sud de la France SA 2.875% 18/01/23 394,262 1.87

100,000 AXA SA 5.125% 04/07/43 129,200 0.61

200,000 Casino Guichard Perrachon SA 3.157% 06/08/19 265,768 1.26

200,000 Casino Guichard Perrachon SA 3.311% 25/01/23 254,706 1.21

175,000 RCI Banque SA 1.75% 06/07/16 224,923 1.07

100,000 RCI Banque SA 3.25% 25/04/18 148,307 0.70

500,000 Vivendi SA 3.50% 13/07/15 681,752 3.24

2,356,017 11.18

Germany

600,000 Allianz SE 5.50% 28/11/49 582,054 2.76

Ireland

100,000 CRH Finance Limited 3.125% 03/04/23 127,432 0.60

200,000 GE Capital European Funding 2.625% 15/03/23 256,084 1.22

383,516 1.82

Israel

350,000 Teva Pharmaceutical Finance Company BV 2.95% 18/12/22 328,487 1.56

Italy

100,000 Ei Towers SpA 3.875% 26/04/18 130,344 0.62

400,000 GTech SpA 3.50% 05/03/20 524,396 2.49

375,000 UniCredit SpA 6.375% 02/05/23 367,464 1.74

1,022,204 4.85

Japan

500,000 Sompo Japan Insurance Inc 5.325% 28/03/73 477,620 2.27

250,000 Sumitomo Mitsui Banking Corporation 1.50% 18/01/18 240,711 1.14

250,000 Sumitomo Mitsui Banking Corporation 3% 18/01/23 236,643 1.12

200,000 The Bank Of Tokyo-Mitsubishi UFJ Limited 3.20% 26/02/23 193,647 0.92

1,148,621 5.45

GLG Investments plc Portfolio Statements as at 30 June 2013 GLG Global Investment Grade Bond (continued)

108

Financial assets at fair value through profit or loss (Continued)


US$ Net Assets

Corporate bonds (continued)

Spain

100,000 Ferrovial Emisiones SA 3.375% 07/06/21 126,084 0.60

United Kingdom

100,000 Arqiva Financing Plc 4.04% 30/06/20 149,753 0.71

300,000 Aviva Plc 5.902% 27/07/20 431,336 2.05

400,000 Barclays Bank Plc 6% 15/12/17 529,204 2.51

350,000 BP Capital Markets Plc 2.50% 06/11/22 317,441 1.51

100,000 BP Capital Markets Plc 2.75% 10/05/23 92,094 0.44

350,000 Bupa Finance Plc 5% 25/04/23 508,048 2.41

150,000 Channel Link Enterprises Finance Plc 3.57% 30/06/50 182,546 0.87

250,000 FCE Bank PLC 1.75% 21/05/18 317,282 1.51

500,000 G4S International Finance Plc 2.625% 06/12/18 640,836 3.04

225,000 Heathrow Funding Limited 6% 20/03/20 377,214 1.79

350,000 Intercontinental Hotels Group Plc 3.875% 28/11/22 525,815 2.50

450,000 Nationwide Building Society 4.125% 20/03/23 556,327 2.64

400,000 Prudential Plc 5.25% 31/12/49 363,174 1.72

300,000 Scottish Widows Plc 5.50% 16/06/23 436,974 2.07

400,000 Standard Chartered Plc 4% 12/07/22 398,548 1.89

5,826,592 27.66

United States

500,000 Altria Group Inc 2.85% 09/08/22 461,450 2.19

200,000 Apple Inc 2.40% 03/05/23 185,438 0.88

250,000 AT&T Inc 4.25% 01/06/43 332,089 1.58

400,000 Berkshire Hathaway Finance Corporation 3% 15/05/22 387,098 1.84

300,000 Comcast Corporation 4.25% 15/01/33 287,663 1.37

300,000 Digital Stout Holding LLC 4.25% 17/01/25 433,261 2.06

200,000 Fidelity National Information Services Inc 3.50% 15/04/23 181,252 0.86

500,000 General Electric Capital Corporation 3.10% 09/01/23 471,215 2.24

300,000 JPMorgan Chase & Co. 0.611% 12/10/15 383,521 1.82

600,000 JPMorgan Chase & Co. 3.20% 25/01/23 569,283 2.70

200,000 Merrill Lynch & Company Inc 0.658% 22/07/14 259,600 1.23

500,000 Metropolitan Life Global Funding I 2.375% 11/01/23 632,166 3.00

250,000 Morgan Stanley 0.611% 13/04/16 317,859 1.51

100,000 Morgan Stanley 0.619% 16/01/17 125,809 0.60

500,000 The Goldman Sachs Group Inc 0.582% 30/01/17 631,146 3.00

150,000 Total System Services Inc 3.75% 01/06/23 140,068 0.64

5,798,918 27.52

Total corporate bonds 18,083,825 85.83


109


Forward currency contracts (note 6)** (b)



Non Class Specific

US$9,213,058 €6,933,743 16 July 2013 3 199,530 0.95

US$4,308,179 GBP2,751,356 16 July 2013 2 135,705 0.64




110

Financial liabilities at fair value through profit or loss Forward currency contracts (note 6)**

Unrealised Loss % of


Non Class Specific

€167,833 US$220,000 16 July 2013 1 (1,825) (0.01)

GBP119,463 US$185,000 16 July 2013 1 (3,832) (0.02)








Classifications:



% of Total

Assets





100.00

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Global Equity

The Statement of Significant Purchases and Sales reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals greater than one percent of total value of the sales for the year. At minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

111

Security Nominal Cost

US$Honda Motor Company Limited 149,094.00 5,859,032.09 Enterprise Productions 98,532.00 5,785,644.29 Mastercard Inc 10,255.00 5,414,179.42 Pfizer Inc 193,255.00 5,392,529.18 Vopak 64,032.00 4,260,936.00 Fedex Corporation 43,100.00 4,165,318.06 Walgreen Company 102,000.00 3,980,934.97 Mccormick & Company Inc 61,700.00 3,896,620.60 Discover Financial Services 93,469.00 3,816,697.85 eBay Inc 61,423.00 3,281,972.54 Visa Inc 20,465.00 3,210,482.12 Syngenta Ag 6,935.00 2,943,269.96 Toray Industries Inc Npv 410,814.00 2,835,292.82 Carnival Corporation 70,376.00 2,700,266.96 Actavis Inc 34,569.00 2,606,270.06 Cheniere Energy Inc 107,015.00 2,536,846.96 Wesco Internation 31,582.00 2,414,251.38 American Water Works Company Inc 58,856.00 2,338,161.33 Whirlpool Corporation 19,423.00 2,204,850.83 Ajinomoto Company Inc Npv 143,921.00 2,155,744.70

GLG Investments plc Statement of Significant Sales for the year ended 30 June 2013 GLG Global Equity


112

Security Nominal ProceedsUS$

Visa Inc (40,469) 6,505,114 Enterprise Productions (98,532) 5,967,995 Mastercard Inc (10,255) 5,266,570 Fedex Corporation (43,100) 3,979,339 Melco Crown Entertainment Limited (181,124) 3,760,507 NCR Corporation (134,927) 3,675,969 Credit Suisse Group (115,547) 3,258,060 Pfizer Inc (107,310) 3,188,334 Actavis Inc (34,569) 2,965,021 Ing Groep Nv (340,140) 2,960,503 Mead Johnson Nutrition (42,958) 2,941,364 China Construction Bank Corporation (3,419,429) 2,878,180 Syngenta AG (6,935) 2,825,498 Express Scripts Holding Company (51,368) 2,784,672 Mitsubishi Estate Company Npv (94,171) 2,766,210 iShares MSCI Japan Index (270,100) 2,657,004 MegaFon (92,100) 2,648,688 VMware Inc (31,404) 2,348,509 Carnival Corporation & plc (70,376) 2,341,826 Citigroup Inc (54,553) 2,324,135

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Global Convertible UCITS


113


US$Eniim Corporation 23,200,000 30,952,566 KDDI Corporation 376,895 11,264,505 Global BBB 1 1/7 02/07/17 8,400,000 11,149,890 Glencore Finance Europe S.A. 8,600,000 10,434,851 UCB SA 6,350,000 10,169,842 Eni SpA 6,500,000 8,882,885 Microsoft Corporation 3,812,451 7,311,644 Orix Corporation 62,750 6,632,825 Lukoil International Finance BV 5,700,000 6,248,750 Archer-Daniels-Midland Co 5,715,000 5,763,608 Affiliated Managers Group Inc 4,191,729 5,384,759 Industrivarden AB 3,600,000 5,187,522 Deutsche Lufthansa AG 2,900,000 4,188,089 Salesforce.com Inc 3,955,000 3,947,500 priceline.com Inc 4,085,000 3,936,150 International Consolidated Airlines Group SA 2,700,000 3,637,484 Air France-KLM 2,478,000 3,547,045 Micron Technology Inc 3,465,000 3,470,625 Xilinx Inc 89,077 3,467,773 Nidec Corporation 330,000,000 3,461,265

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG Global Convertible UCITS


114


Eniim Corporation (13,200,000) 17,650,603 KDDI Corporation (376,895) 14,592,498 Glencore Finance Europe S.A. (11,100,000) 13,827,290 Eni SpA (7,300,000) 10,055,436 UCB SA (163,844) 10,011,977 Medtronic (8,005,000) 8,011,805 Lukoil International Finance BV (7,100,000) 8,000,750 Shire Plc (7,000,000) 7,948,100 Orix Corp 1% 03/31/14 (467,000,000) 7,238,539 Global BBB 1 1/7 02/07/17 (5,000,000) 6,725,884 Orix Corporation (62,750) 6,632,825 Cap Gemini SA (3,880,080) 6,032,118 KDDI Corporation 0% 14 December 2015 (540,000,000) 5,751,726 Central (5,910,000) 5,637,275 Deutsche Lufthansa AG (3,800,000) 5,453,333 NetApp Inc (4,680,000) 5,393,845 Amgen Inc (4,870,000) 5,181,821 Xilinx Inc (3,540,000) 5,107,989 Radian Group Inc (3,995,000) 4,807,439 Solidium Oy (3,300,000) 4,489,437

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG European Equity


115


€Swedbank AB 78,434 1,500,242 Assa Abloy AB 43,393 1,374,028 ING Group NV 188,223 1,294,522 ASML Holding NV 21,099 1,226,553 Fresenius SE & Company KGaA 12,136 1,143,158 UBS AG 82,215 1,137,827 Koninklijke Vopak NV 23,037 1,104,397 Svenska Cellulosa AB 53,470 1,093,501 Syngenta AG 3,294 1,047,445 Novartis AG 17,193 962,078 GN Store Nord A/S 57,242 893,787 Allianz SE 7,260 858,720 SAP AG 13,696 850,568 Autoliv Incorporation 12,927 782,413 Sberbank of Russia 74,428 754,470 Novo Nordisk A/S 5,162 695,179 QIAGEN NV 44,163 637,302 Electrolux AB 29,715 630,076 Koninklijke Philips NV 27,598 621,277 Carnival Plc 14,824 429,453

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG European Equity


116

Security Nominal Proceeds €

Syngenta AG (3,294) 977,810 Svenska Cellulosa AB (50,632) 972,579 Credit Suisse Group AG (40,368) 865,043 ASML Holding NV (14,544) 831,565 SAP AG (13,696) 812,065 Sberbank of Russia (74,428) 711,613 Novo Nordisk A/S (4,823) 640,441 Novartis AG (11,142) 596,767 Swatch Group AG (1,321) 551,707 ING Group NV (75,266) 535,243 Anheuser-Busch InBev NV (7,625) 498,704 Fresenius SE & Company KGaA (4,910) 456,436 UniCredit SpA (101,939) 409,499 Carnival Plc (14,824) 390,357 Allianz SE (3,648) 384,816 GN Store Nord A/S (30,851) 381,704 bpost NV-SA (25,653) 369,870 Megafon-GDR (16,119) 349,326 Intesa Sanpaolo SpA (208,509) 305,452 Swedish Match AB (11,574) 292,122

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Global Sustainability Equity


117

Security Nominal Cost€

Whole Foods Market Inc 28,972 1,892,424 Walgreen Company 45,250 1,517,336 Ingredion Inc 25,041 1,392,692 Wesco International Inc 24,292 1,372,231 Toray Industries Inc 264,135 1,318,433 FedEx Corporation 17,538 1,295,823 Nordson Corporation 24,293 1,255,541 Foot Locker Inc 46,870 1,243,379 Advance Auto Parts Inc 19,252 1,211,704 Enterprise Productions 26,270 1,152,263 Tractor Supply Company 13,466 1,127,691 Canadian Pacific Railway Limited 10,171 1,073,583 Whirlpool Corporation 11,375 1,051,436 Visa Inc-Class A Shares 8,543 1,029,849 NCR Corporation 44,052 1,024,608 Prologis Inc 31,215 1,020,134 Acuity Brands Inc 15,051 884,297 Lowe's Companies Inc 27,726 861,197 Conagra Foods Inc 29,256 796,811 Ashland Inc 13,200 792,278

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG Global Sustainability Equity


118

Security Nominal Proceeds€

Whole Foods Market Inc (28,972) 1,903,416 Tractor Supply Company (22,663) 1,753,910 NCR Corporation (76,891) 1,586,400 Walgreen Company (40,295) 1,335,902 FedEx Corporation (17,538) 1,300,214 Grifols SA (58,949) 1,267,300 McCormick & Company (22,540) 1,231,417 Enterprise Productions (26,270) 1,216,706 PPG Industries Inc (10,891) 1,188,873 Novo Nordisk A/S-B (7,717) 1,035,252 Ajinomoto Company Inc (100,944) 1,030,435 Wesco International Inc (17,959) 976,073 Prologis Inc (31,215) 965,961 Union Pacific Corporation (8,492) 902,608 Ashland Inc (13,311) 872,886 Obayashi Corporation (224,237) 856,147 SBA Communications Corporation (16,016) 855,940 eBay Inc (20,219) 826,504 Starbucks Corporation (17,667) 767,830 Umicore NV (21,354) 765,929

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Japan CoreAlpha Equity


119

Security Nominal Cost¥

Nintendo Company Limited 620,100 6,200,884,294 Asahi Glass Company Limited 9,078,000 5,972,159,235 Mitsubishi UFJ Financial Group Inc 10,081,600 5,906,029,669 FUJIFILM Holdings Corporation 2,807,800 5,583,795,007 ANA Holdings Inc 26,018,000 5,129,604,861 NTT DOCOMO Inc 33,207 4,854,605,117 Inpex Corporation 10,279 4,771,358,772 Panasonic Corporation 6,626,700 4,625,193,748 T&D Holdings Inc 4,205,300 4,485,600,241 Sumitomo Mitsui Financial Group Inc 1,046,600 4,416,539,088 Nippon Telegraph & Telephone Corporation 910,800 4,076,514,074 Resona Holdings Inc 8,076,800 4,040,017,594 Mizuho Financial Group Inc 19,686,800 4,002,257,939 Sumitomo Chemical Company Limited 13,492,000 3,963,495,609 Sony Corporation 2,447,500 3,691,707,831 Yamada Denki Company Limited 853,250 3,237,758,658 NEC Corporation 11,864,000 2,708,890,460 Mitsui Chemicals Inc 12,652,000 2,638,334,540 Teijin Limited 11,319,000 2,449,796,439 NTT Data Corporation 8,025 2,409,922,530

141,837,761 85,164,465,706

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG Japan CoreAlpha Equity


120

Security Nominal Proceeds¥

Sony Corporation (7,622,700) 12,723,715,546 Nomura Holdings Inc (12,644,100) 9,397,227,684 Toyota Motor Corporation (1,157,400) 5,961,086,036 Ricoh Company Limited (3,341,000) 3,653,645,202 Panasonic Corporation (4,642,700) 3,515,355,289 Takeda Pharmaceutical (628,000) 3,125,830,397 Daiwa Securities Group (4,543,000) 2,922,848,828 Sumitomo Mitsui Financial Group Inc (612,800) 2,418,546,231 Nippon Telegraph & Telephone Corporation (469,100) 2,345,505,724 East Japan Railway Company (287,100) 2,222,914,205 NEC Corporation (9,300,000) 2,198,896,232 Mitsubishi UFJ Financial Group Inc (3,992,300) 2,162,869,712 Mizuho Financial Group Inc (10,887,800) 2,136,293,382 Nintendo Company Limited (191,100) 1,942,372,075 Central Japan Railway Company (134,784) 1,285,043,746 Sumitomo Mitsui Trust Holdings Inc (2,752,000) 1,274,622,850 T&D Holdings Inc (950,800) 1,149,219,214 Mitsui OSK Lines Limited (3,363,000) 1,148,402,284 JFE Holdings Inc (473,300) 994,981,645 FUJIFILM Holdings Corporation (480,700) 962,168,684

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Global Emerging Markets Equity


121

Security Nominal CostUS$

Krung Thai-Dom 694,500 418,068 Emperor International Holdings 748,000 250,142 Great Wall Motor Company Limited 62,500 249,952 Cemex SAB de CV 228,800 241,481 Siam Cement Public Company Limited 16,000 237,918 GRUPO MEXICO SAB DE C NPV 46,400 177,661 Sino Land Company Limited 84,000 163,994 K Wah International Holdings Limited 285,000 162,009 Sands China Limited 31,600 160,787 Galaxy Entertainment Group Limited 35,000 159,931 Credicorp Limited 1,000 153,989 Itau Unibanco Holding SA 8,000 137,719 China Construction Bank Corporation 158,000 133,271 Magnit OJSC 2,000 83,937 Hopson Development Holdings Limited 38,000 81,294 Alfa SA de CV 31,800 80,453 China Railway Group Limited 62,500 75,080 SM Investments Corporation 3,270 74,324 Land & Houses Public Company Limited 200,000 72,349 Grupo Financiero Banorte SAB de CV 9,500 64,756

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG Global Emerging Markets Equity


122


Krung Thai-Dom (694,500) 418,068 General Electric Plc (80,400) 343,717 Petrobras - Petroleoum NPV (32,500) 321,608 Hyundai Motor Company (1,715) 311,345 China Overseas Land and Investment Limited (94,000) 271,502 Zhaojin Mining Industry (173,000) 257,497 SK Energy Company Limited (1,521) 237,949 Siam Cem Public Company Limited (16,000) 237,918 PT Bank Mandiri (261,000) 216,945 Malayan Banking Bhd (72,500) 216,645 L And H Pub - Nvdr (684,100) 215,629 Korea Zinc Company Limited (544) 185,830 Mediatek Inc (18,000) 184,483 Belle Internation (82,000) 182,280 Walmart De Mexico-Ser Npv (48,100) 159,739 China Life Insurance Company Limited (53,000) 158,843 Firstrand Limited (44,459) 158,235 Bidvest Group Limited (6,488) 157,725 China Unicom Limited (94,000) 156,278 Bank Of China Limited (328,000) 154,484

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG MENA Equity


123


US$Samba Financial Group 89,944 1,566,093 Saudi Basic Industries Corporation 57,550 1,415,097 Qatar National Bank 31,666 1,255,259 Aldrees Petroleum and Transport Services Company 207,668 1,104,200 Qatar Telecom Qtel 34,454 1,101,616 Qatar Fuel Company 11,573 793,548 Industries Qatar 16,726 782,251 Commercial Bank of Qatar 41,826 774,133 First Gulf Bank PJSC 159,180 653,384 Kuwait Projects Company Holding 403,871 634,791 Al Tayyar Travel Group 34,166 622,323 Dubai Islamic Bank PJSC 539,539 492,966 Emaar Properties PJSC 310,517 489,813 Burgan Bank 223,186 484,434 Yanbu National Petrochemicals Company 34,187 484,061 Abu Dhabi Commercial Bank PJSC 343,000 479,041 National Industrialization Company 66,996 474,064 Almarai Company Limited 58,188 473,100 Al Rajhi Bank 26,198 470,461 Riyad Bank 75,012 469,928

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG MENA Equity


124

Security Nominal Proceeds

US$Aldrees Petroleum and Transport Services Company (176,395) (816,179) Qatar National Bank (13,666) (539,417) Almarai Company Limited (584,745) (527,675) Qatar Telecom Qtel (12,730) (412,681) Yanbu National Petrochemicals Company (260,477) (330,054) Abu Dhabi Commercial Bank PJSC (123,000) (174,476) Emaar Properties PJSC (208,193) (327,801) Etihad Etisalat Company (4,648) (69,194) Saudi Basic Industries Corporation (2,561) (63,512) Commercial Bank of Qatar (3,273) (62,874) Qatar Fuel Company (807) (55,842) Riyad Bank (7,430) (46,653) National Industrialization Company (4,494) (31,709) Yanbu National Petrochemicals Company (1,512) (23,022) Al Tayyar Travel Group (852) (15,827) Industries Qatar (343) (15,726)

GLG Investments plc Statement of Significant Purchases for the period ended 30 June 2013 GLG Global Investment Grade Bond


125

Security Nominal CostUS$

Aviva Plc 5.9021% 27/07/2020 600,000 903,915 Comcast Corporation 4.25% 15/01/2033 700,000 704,097 Bupa Finance Plc 5% 25/04/2023 450,000 697,508 Dialea 2% 28/02/2018 700,000 697,158 Vivfp Corporation 3.50% 13/07/2015 500,000 688,186 Everythin 3.25% 03/08/2018 500,000 675,660 Banco Santander SA 2.88% 30/01/2018 500,000 662,335 Xstrata Plc 1.75% 19/05/2016 500,000 651,807 Metropolitan Life Global Funding 2.38% 11/01/2023 500,000 650,811 G4S International Finance Plc 2.63% 06/12/2018 500,000 650,497 DB Corporation Limited 2.38% 11/01/2023 500,000 648,126 The Goldman Sachs Group Inc 30/01/2017 500,000 627,358 Morgan Stanley 4% 12/07/2022 600,000 618,520 Allianz SE 5.50% 28/11/2049 600,000 618,000 Scottish Widows Plc 5.50% 16/06/2023 400,000 615,729 JPMorgan Chase & Co 3.20% 25/01/2023 600,000 603,966 Nationwide Building Society 20/03/2023 450,000 589,407 Casino Guichard Perrachon SA 3.16% 06/08/2019 400,000 572,064 Intercontinental Hotels Group Plc 3.88% 28/11/2022 350,000 561,870 Barclays Bank Plc 29/06/2049 400,000 559,417

GLG Investments plc Statement of Significant Sales for the period ended 30 June 2013 GLG Global Investment Grade Bond


126

Security Nominal Proceeds

US$Dialea 2% 28/02/2018 (700,000) 700,284 DB Corporation Limited 2.38% 11/01/2023 (500,000) 676,933 Everythin 3.25% 03/08/2018 (500,000) 663,151 Banco Santander SA 2.88% 30/01/2018 (500,000) 658,056 Xstrata Plc 1.75% 19/05/2016 (500,000) 650,590 Telefonic Limited 3.99% 23/01/2023 (400,000) 544,807 Credit Suisse Group AG 14/09/2020 (400,000) 537,809 Banco Popular Espanol SA 3.75% 28/01/2016 (400,000) 522,518 Societe Generale SA 6.63% 11/12/2049 (500,000) 515,250 Mizuho Corporate Bank Limited 1.85% 21/03/2018 (500,000) 501,334 Wells Fargo & Company 16/05/2016 (500,000) 490,860 GE Capita 1.63% 15/03/2018 (350,000) 463,887 Aviva Plc 5.902% 27/07/2020 (300,000) 449,474 Comcast Corporation 4.25% 15/01/2033 (400,000) 425,072 AXA SA 04/07/2043 (300,000) 408,993 Aquarius 02/10/2043 (300,000) 404,341 Toyota Motor Corporation 2.375% 01/02/2023 (300,000) 404,340 CXGO 3.75% 18/01/2018 (300,000) 400,228 Banco de Sabadell SA 3.375% 18/01 (300,000) 391,073 Abertis Infraestructuras SA 4.63% 10/14/16 (250,000) 356,113

Documents

GLG INVESTMENTS PLC - Banco Santandermicrosite.bancosantander.es/IICsextranjeras/Ficheros/88... · 2014-01-16 · GLG Investments plc Contents 1 Page General Information 2 Investment